Topic: STRATEGIC FINANCIAL AND RISK MANAGEMENT STRATEGIC KNOWLEDGE AND INFORMATION MANAGEMENTRequired: Please explain the photo attached B. ASSESSMENT OF MARKET ENTRY AND EXIT BARRIERSEntry barriers include the need to complete with businesses that enjoyeconomies of scale, or established, differentiated products.●• Other barriers include capital requirements, access to distribution channels,factors independent of scale (such as technology or location) and regulatoryrequirements.C. BREAK-EVEN ANALYSISThe break-even point is when sales cover costs, where neither a profit nor aloss is made. It is calculated by dividing the costs of the project by the grossprofit at specific dates, making sure to allow for overhead costs. Break-evenanalysis (cost-volume-profit or CVP analysis) is used to decide whether tocontinue developing a product, alter the price, provide or adjust a discount, orchange suppliers to reduce costs.● AVOIDING PITFALLS IN MAKING FINANCIAL DECISIONSThe following principles will help avoid flawed financial decision-makingFinancial Expertise Must be Widely AvailablePeople need to own their part of the financial control process, to have the information andexpertise needed to routinely make the best financial decisions.Consider the Impact of Financial DecisionsDo not ignore or underestimate the wider impact of finance issues upon other departments and decisions.Avoid Weak Budgetary ControlBudgets are an active tool to help make financial decisions, not merely a way to measure performance.Understand the Impact of Cash FlowNon-financial managers often ignore cash flows and the time value of money. Everyone should beaware of the importance of cash to the organization.Know Where the Risk LiesIdentifying risks and how to reduce them is crucial to successful financial decision-making.W

Strategic financial and risk management, along with strategic knowledge and information management,…

AVOIDING PITFALLS IN MAKING FINANCIAL DECISIONS The following principles will help avoid flawed financial decision-making Financial Expertise Must be Widely Available People need to own their part of the financial control process, to have the information and expertise needed to routinely make the best financial decisions. Consider the Impact of Financial Decisions Do not ignore or underestimate the wider impact of finance issues upon other departments and decisions. Avoid Weak Budgetary Control Budgets are an active tool to help make financial decisions, not merely a way to measure performance. Understand the Impact of Cash Flow Non-financial managers often ignore cash flows and the time value of money. Everyone should be aware of the importance of cash to the organization. Know Where the Risk Lies Identifying risks and how to reduce them is crucial to successful financial decision-making.

AVOIDING PITFALLS IN MAKING FINANCIAL DECISIONS The following principles will help avoid flawed financial decision-making Financial Expertise Must be Widely Available People need to own their part of the financial control process, to have the information and expertise needed to routinely make the best financial decisions. Consider the Impact of Financial Decisions Do not ignore or underestimate the wider impact of finance issues upon other departments and decisions. Avoid Weak Budgetary Control Budgets are an active tool to help make financial decisions, not merely a way to measure performance. Understand the Impact of Cash Flow Non-financial managers often ignore cash flows and the time value of money. Everyone should be aware of the importance of cash to the organization. Know Where the Risk Lies Identifying risks and how to reduce them is crucial to successful financial decision-making.

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Question

Topic: STRATEGIC FINANCIAL AND RISK MANAGEMENT STRATEGIC KNOWLEDGE AND INFORMATION MANAGEMENT Required: Please explain the photo attached

B. ASSESSMENT OF MARKET ENTRY AND EXIT BARRIERS
Entry barriers include the need to complete with businesses that enjoy
economies of scale, or established, differentiated products.
●
• Other barriers include capital requirements, access to distribution channels,
factors independent of scale (such as technology or location) and regulatory
requirements.
C. BREAK-EVEN ANALYSIS
The break-even point is when sales cover costs, where neither a profit nor a
loss is made. It is calculated by dividing the costs of the project by the gross
profit at specific dates, making sure to allow for overhead costs. Break-even
analysis (cost-volume-profit or CVP analysis) is used to decide whether to
continue developing a product, alter the price, provide or adjust a discount, or
change suppliers to reduce costs.
●

AVOIDING PITFALLS IN MAKING FINANCIAL DECISIONS
The following principles will help avoid flawed financial decision-making
Financial Expertise Must be Widely Available
People need to own their part of the financial control process, to have the information and
expertise needed to routinely make the best financial decisions.
Consider the Impact of Financial Decisions
Do not ignore or underestimate the wider impact of finance issues upon other departments and decisions.
Avoid Weak Budgetary Control
Budgets are an active tool to help make financial decisions, not merely a way to measure performance.
Understand the Impact of Cash Flow
Non-financial managers often ignore cash flows and the time value of money. Everyone should be
aware of the importance of cash to the organization.
Know Where the Risk Lies
Identifying risks and how to reduce them is crucial to successful financial decision-making.
W

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