MN3365 Strategic Finance: Financial Decision-making Process
Journal Entry
By the end of this unit you need to reflect on the learning experience in the overall module and how you will be able to apply it to your personal and/or professional life.
Write a short summary to explain:
- The key things you learned in this module
- Whether your learning from this module has resulted in changed behaviour/ performance/ perspectives, and if so, in what areas - study/ work/ home life? Give specific examples.How they can aid your personal and professional development?
- Has it helped your career? How - be specific.
- Is there room for further development in any of the topics covered?
Answer:
In this module, I have learned many things. First, I have learnt about various purpose of financial decision-making. In this process, I have learnt how to examine major issues in the decision-making process. I have also acquired knowledge about the difference between relevant and irrelevant costs. My learning also includes major principles of costing. In addition, I have learnt to examine the differences between qualitative and quantitative factors in decision-making process. One of my major learning from this module was various concepts of strategic management accounting and its role in decision-making process. This has helped me to measure the financial performance of the companies. I have also learnt the management of working capital along with advanced capital appraisal.
The learning from this module has helped me in my work life as I have become able to understand different real life financial issues. As a result of this, I have developed positive attitude towards solving the real life financial issues. For example, this learning has helped me in the financial decisions-making process of my company.
With the help of this learning, I have been able to apply my theoretical financial knowledge in my practical work life. Thus, I have become able to perform well in my company. This particular aspect has widened my career path in my company, as there is a large scope to get promotion by performing well. For all these reason, this learning has helped my career in many ways.
There is always scope for further development. What I have learnt in this module was based on theoretical ground. There was a lack in practical application of the lessons learned. This is a major area of development in this module. In addition, there was not much use of real life financial examples in this module. Inclusion of real life financial issues would make the learning more effective.
Bibliography
Brigham, E.F. and Ehrhardt, M.C., 2013. Financial management: Theory & practice. Cengage Learning.
Healy, P.M. and Palepu, K.G., 2012. Business analysis valuation: Using financial statements. Cengage Learning.
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