LSAL-3223-Unit 8

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Running Head- Unit 8 1 Unit 8 Krista Pendleton LSAL-3223 Dr. Miller I certify that I have read a student’s Guide to Academic Integrity at the University of Oklahoma, and this paper is an original paper composed by me for this course. Except where properly cited and attributed, it has not been copied or closely reworded from any other source and has not been submitted as a whole, or in part, for credit in any other course at OU or any other educational

Running Head- Unit 8 2 institution. It has not been created or submitted for any other purpose such as a job assignment at my workplace or any other agency.

3 Unit 7 - Current Financial Trends Assignment Important Lessons Learned about Finance during the Course: During the course, I have learned several valuable lessons that have improved my understanding of finance as it applies to my role as a non-finance manager. These lessons have not only enhanced my financial acumen but have also equipped me with practical strategies to enhance my performance and decision-making (Scully, 2018). Lesson 1: Understanding Financial Statements: As I have progressed through this course, I have learned just how important it is for individuals to understand financial statements, which is one of the most valuable lessons I have been given throughout this course. By gaining insights into these statements, I can better understand the financial health of my business and make more informed decisions regarding resource allocation, financial forecasting, and risk management. Lesson 2: Budgeting and Forecasting Another crucial lesson I learned about finance is the importance of budgeting and forecasting. Budgeting helps me set clear financial goals and allocate resources effectively, while forecasting enables me to anticipate future financial needs and make informed decisions. By developing these skills, I can align my department's objectives with the overall financial goals of the organization and ensure that we have the necessary financial resources to achieve them. Lesson 3: Cost Analysis: Understanding cost analysis is another valuable lesson I gained from this course. As a non- finance manager, it is crucial to recognize the impact cost analysis can have on decision-making (Faster Capital, 2020). By analyzing costs, I can identify areas where cost savings can be made, leading to improved profitability. Additionally, cost analysis helps me evaluate the effectiveness

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4 of different cost management strategies and make informed choices that benefit the organization as a whole. How Can These Lessons be Applied to Improve Performance as a Non-Finance Manager: There are several ways that I can apply the lessons that I have learned from the study of finance to improve my performance as a non-finance manager, based on the lessons I have learned. 1. Financial Decision-Making: Understanding the financial statements will enable me to make more informed decisions regarding the financial health and performance of my business. By analyzing financial statements, I can assess the financial health of the organization, identify opportunities for growth, and make informed decisions regarding resource allocation (Kaplan, 2021). 2. Budgeting and Forecasting: Developing budgeting and forecasting skills will allow me to align my department's objectives with the overall financial goals of the organization. By creating a well-thought-out budget, I can allocate resources effectively, identify cost savings, and track performance against targets. Forecasting will enable me to plan for unexpected financial challenges and make necessary adjustments to ensure the overall financial health of the organization. 3. Cost Analysis: Applying cost analysis techniques will enable me to evaluate the cost- effectiveness of different cost management strategies. By analyzing costs, I can identify areas where cost savings can be made and make informed decisions that positively impact the profitability of the business. The course on finance has taught me several valuable lessons that are essential for a non- finance manager. By understanding financial statements, budgeting and forecasting, and cost

5 analysis, I can better contribute to the financial health and performance of my business. These lessons have equipped me with the necessary tools to make informed decisions, align objectives with the overall goals of the organization, and optimize cost management.

6 Works Cited Average annual profit. Faster Capital. (2020, April 13). https://fastercapital.com/keyword/average-annual-profit.html Kaplan, R. (2021, November 22). The balanced scorecard measures that drive performance. Harvard Business Review. https://hbr.org/1992/01/the-balanced-scorecard-measures-that-drive-performance Scully, J. (2018, July 20). Three-minute financial analysis for the non-financial manager Graziadio School of Business and Management | Pepperdine University. https://gbr.pepperdine.edu/2018/07/three-minute-financial-analysis-for-the-non-financial- manager/

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