Analyze and describe the elements of financial management. How do you apply each of the four...

Analyze and describe the elements of financial management.
How do you apply each of the four elements of financial management to your home or personal finances?

Be sure to name each element and connect each element with a financial function, process, action or step in your personal financial management.

Expert Solution

There exists four primary elements of financial management namely,- Planning, controlling, organizing and directing and the final decision making. The description and application of all the 4 elements along with application of each of them to home or personal finances can be studied below-

Planning- This element refers to making the blue print of the entire financial management. There has to be a plan made to decide the need of funds required and the amount of fund available at the right time to meet the needs of the business. In personal finance management planning is necessary in order to know how much funds or money will be needed for meeting the personal goal which may be buying a new car or house or making an investment or any other thing.
Controlling- Controlling the financial activities is a critically important activity to help the business ensure that the entity is doing everything required to meet its financial objectives in control. Nothing is kept at stake to blindly follow the financial goals. In personal finance management controlling is required to manage or keep in check that the efforts are kept in check or control for meeting the financial goal of buying a new car or house or making an investment or any other thing.
Organizing and directing- The financial plans needs to be organized in the most efficient manner and the directions must be given in order to keep the activities as per the plan. The personal financial goals are not completed unless the plan is organized and all the activities are directed towards the common goal of fulfilling them.
Decision making- It requires the final decision making step as to what has to be done when and how. The important decisions with respect to the plan as drafted. With respect to personal decision making it is important to have a firm decision making for the accomplishment of goals.

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