Mgmt 313 Paper

In: Business and Management

Submitted By jbraden78
Words 1926
Pages 8
Running Head: FINANCIAL MANAGEMENT

Financial Management

MGMT 312

Financial Management

Businesses must have a plan to succeed; if the original plan is not a success, there must be a few alternative plans available. First, the roles of a financial manager will be discussed. Second, a scenario was given to find a future value during a five year time frame and the results will be discussed. Finally, risk contracting will be evaluated including the various financial incentive structures and how they could be used to improve the efficiency of care in risk contracts.

First, the roles of a financial manager will be discussed. As a manger, one is required for “effective risk management” (Farley, 2000). “More desirable options include growth, structuring incentives to reduce or eliminate unnecessary variation in resource use, and capturing information about why variations in resource use occur,” (Farley, 2000). Farley explains that larger organizations have more options than smaller businesses because it allows more room for risks (2000).

A financial manager should be capable of strategic planning. Benoff mentions in 2000 that the strategic planning should consider, “a variety of market approaches before settling on a specific future market strategy.” Benoff (2000) strongly believes, “to account for the needs and perspectives of all stakeholders, therefore the strategic –planning initiative should:

Include all stakeholders in the planning process; Build consensus regarding the IDS’s market characteristics and benefits of IDS membership; consider multiple potential market scenarios; determine the appropriate roles, services, and function of the IDS; Evaluate resources required to pursue a new strategy; and communicate results of the strategic-planning…...

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