financial planning cycle - remembering (1 Viewer)

[sickk]

does anyone have any tips on how to remember all 9 stages of the planning cycle

 

[OohSparkles]

Not really

1) Determining current financial position
2) Determining Financial Elements of the business plan
3) Developing Budgets
4) Cash Flows
5) Financial Statements
6) Interpretation of financcial statements
7) Maintaining records systems
8)Planning financial controls
9) Minimising risks

Could anybody give me an outline of each of the Management Roles?

Eg

Interpersonal=Liason, figurehead, leaders
Informational=disseminator,monitor, spokesperson
Decisional etc etc


as in what each of them specifically entail...or we dont need to know that?

 

[Michaelmoo]

1) Memorise it

2) Sit down and say the process 20 times.

3) Then write the process 20 times (without looking at the one before).

I guarantee you'll remember it atleast till the HSC's over.

 

[H4wk1n4t0r]

I did it the hard way by memorising. After 20 mins or so it becomes second nature. But don't stress too much about it, it doesn't seem a major part.

 

[abhi23]

ADDPPIMPM
Its got kinda a ring to it.
Say it quickly a couple of times and it sticks in your head.
Helps me remember the nine steps.

 

[lyounamu]

Not really

1) Determining current financial position
2) Determining Financial Elements of the business plan
3) Developing Budgets
4) Cash Flows
5) Financial Statements
6) Interpretation of financcial statements
7) Maintaining records systems
8)Planning financial controls
9) Minimising risks

Could anybody give me an outline of each of the Management Roles?

Eg

Interpersonal=Liason, figurehead, leaders
Informational=disseminator,monitor, spokesperson
Decisional etc etc


as in what each of them specifically entail...or we dont need to know that?

That's the order in which the syllabus is written. I don't think the financial planning cycle is in that exact order.

 

[OohSparkles]

I don't think they would ask to write out the financial planning cycle anyways...probably in multiple choice like past papers 'which of these is not part of the financial planning cycle' sort of thing...because imagine having to explain all nine in a question...lol

 

[sickk]

im just scared i go ahhhh dw about it, and then see it in section 3/4...

 

[OohSparkles]

Yeah i get you...and i just checked the cycle in my textbook and it was as i have written it...



Could anyone please answer the question i asked before ??

 

[Eddykungfu]

A Dirty Dark Chicken From India Makes Poor Meat <-- Used this for about 6 months now xD
1. Addressing Present financial position
2. Determining financial elements of b plan
3. Developing budgets
4. Cash Flows
5. Financial statemetns
6. Interpretation
7. Maintaining Record systems.
8. Planning financial controls
9. Minimising financial risk and losses

 

[sickk]

lol champion

 

[sir-study-alot]

ADD Children Fucking Irrate My Pedofile Mind.

hahaha pretty sick actaully . if you need any more just ask i got them for everything

 

[spazamataz]

Its only appeared in the multiple choice in the past few years (i think?) Just have a general outline of it in ur head, i just remember the first few, and the last few

 

[daniieee]

A Dirty Dark Chicken From India Makes Poor Meat <-- Used this for about 6 months now xD

I like this one, thanks heaps. =]

ADD Children Fucking Irrate My Pedofile Mind.

hahaha pretty sick actaully . if you need any more just ask i got them for everything

Lolol yeah that's pretty sick, but because of that it'll stick with me I guess.

 

[BUSINESSKING]

Your mobile phone number has 10 digits; it is unique out of 8^10 possible combinations [assuming it begins with 04], yet possible to commit to memory in under 60 seconds.

If you find it difficult to learn the name/order of nine steps after a year of Business Studies... I'd just jump now.

 

[lyounamu]

Is financial planning cycle in that EXACT order? Because my textbook (leading edge disagrees)

 

[BUSINESSKING]

The syllabus quotes it in that order, but it doesn't really matter as long as the concept is understood.

Essentially all that matters is that the current position is known and the business plan is referred to first, and then development of budgets/cash flow sheets/other financial statements are created. Data then needs to be analysed and interpreted, and then maintaining record systems/planning financial controls/minimising financial risks as losses falls under a tweaking and controlling aspect of the planning cycle.

Though to be fair, quoting it clearly as written in the syllabus is the way to go; you want markers to be able to quickly see that you understand what the question is asking you about.

 

[lyounamu]

The syllabus quotes it in that order, but it doesn't really matter as long as the concept is understood.

Essentially all that matters is that the current position is known and the business plan is referred to first, and then development of budgets/cash flow sheets/other financial statements are created. Data then needs to be analysed and interpreted, and then maintaining record systems/planning financial controls/minimising financial risks as losses falls under a tweaking and controlling aspect of the planning cycle.

Though to be fair, quoting it clearly as written in the syllabus is the way to go; you want markers to be able to quickly see that you understand what the question is asking you about.

This planning cycle is undertaken BEFORE business does any of its operation, right?

This is the way I interpreted:

- Business addresses it financial position based on past data
- It determines the financial elements of the business plan which includes projected revenue, cash flow and balance sheet
- It develops budget
- It develops financial controls so that the financial plan carries out as efficiently as possible
- Minimising financial risks and losses (esuring that finacial controls are being carried out)
- record systems
- financial report are developed
- interpretation (feedback for next plannig cycle)


I personaly don't agree with the syllabus order imho.

 

[BUSINESSKING]

To be honest, the entire concept of the 'financial planning cycle' doesn't seem that important/useful, and your interpretation of it seems more logical.

Unfortunately the markers aren't going to see that, and they'll be marking you based on what the syllabus says is right, not what makes more sense.

So general rule is just stick to what the syllabus says, because thats how you're going to be getting marks.

 

[ayehann]

use a menmonic! the best for business studies! and GOODLUCK EVERYONE FOR TOMOROOW