Financial aspect within any organisation is considered to be an internal review and the financial managers are the ones responsible for financial planning in such a way that it is embedded within the entire strategic plan to give favourable results for the organisation both in the long-run and the short-run. Financial managers are supposed to manage a firm’s resources so that it can meet its goal and objectives. The major aim of a financial manager is to examine the financial data of any given organisation and to give recommendation to the top management regarding strategies that would improve the financial performance of a company. The different role of a financial manager include capital budgeting decisions, capital structure decisions, providing tactical advice over merger and acquisitions, dividend policy decision and all other investing decisions that may involve portfolio management as well. All these different roles and functions merge together to form the basis of any strategic plan and these financial matters help in understanding the growth that a company will make with reference to its profitability and long term growth. Sales Forecast Forecasting is usually used by companies to estimate future results. Although these estimates are not 100% accurate, they usually give an insight to many issues such as an idea about the future drawn by using different assumption and techniques. Sales forecasting is one such technique whereby any company predict the volume and the amount of sales that may be achieved by different sales staff through different regions in which the company operates. There are three different approaches that are adopted in sales forecasting. These are: Top-down Sales Forecasting; it is a technique whereby the sales figure are planned by the top level management and these figures are forwarded to lower level management in form of sales quotas/limits/targets which the lower level management should attain Bottom-up Sales Forecasting; is an approach whereby these sales figure are put in by the employees responsible for the sale. The sales team forecast a target which they think they can sell and after this target forms the basis for the entire company’s revenue plan. Hybrid Sales Forecasting; is an approach whereby both the top-down and the bottom-up approach is used. The top management derives the sales figure at the corporate level whilst the sales staffs derive it at the operational level. Both these figures are compared together and any discrepancies between the two are henceforth amended. The benefit of using this hybrid approach is that it tends to eliminate any discrepancy or a biased judgment of sales and the both the top and the bottom level management work together for the success of the organisation. The hybrid approach produces variability and it also creates participation from the lower level management which as a result increases motivation. The disadvantage of this technique is that it consumes too much time of both the top and the bottom level management (Kahn, 1998). Credit Standards Credit standards are a set of standards that a financial institution or a company uses in to decide whether a particular credit can be offered to any given client or not. Usually these credit scores are determined using some statistical techniques such as FICO scores and many others. Credit standards
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