Total Quality Management
The financial dimensions of finance and accounting permeate every area of business. In order to maintain control of your function, an operations manager needs to know how to translate the operational value they create into the language of finance.
The most famous quote attributed to Peter Drucker, the renowned management philosopher is, "What you cannot measure, you cannot manage." The score card of business success ultimately boils down to it's financial performance to the budget.
The department or functional leader must be prepared to make recommendations, which will lead the operation into the next financial period and provide the ability for control. A well-grounded understanding of financial planning will enable you to make the necessary preparations.
The potential lender or investor is constantly evaluating the creditworthiness and investment potential of your organization. In what ways are you contributing to your organization’s overall financial performance?