secondary discussion
Respond to EACH these two post in your own words
1.Financial Management
Financial managing includes overall budget plans for a company. An important aspect of Financial Management involves the Office of Management and Budget (OMB), which is responsible for submitting strategic plans related to program activities, as well as yearly performance plans to line up with associated budgets (Nigro, 2007).
How does financial management play a significant role in planning for tactical and operational endeavors?
In order for organizations to effectively carry out their core mission of safeguarding the public, organizations must ensure that they have the necessary financial resources at hand. This requires the application of sound and effective financial management practices (Prof et al., 2022). The necessary financial resources ensures needs are met in disaster incidents.
References
Nigro, F. (2007). The New Public Personnel Administration. Wadsworth.
Prof S., Megha S., & Bhar, M. (2022). Financial Management. Research Gate.
2. The Emergency Management Plan (EMP) for Financial Management is a vital tool for managing resources effectively during emergencies. It outlines the procedures for allocating funds through Budget, Procurement, Fiscal Program Management, Financial Grants Management, and Disbursements. Financial management plays a crucial role in planning for tactical and operational endeavors, as it facilitates efficient resource allocation, cost estimation, expense monitoring, contract, and vendor management, and maintains documentation and compliance reporting for transparency. This comprehensive approach ensures that resources are utilized judiciously to support emergency operations, promote financial stability, and optimize effectiveness in response and recovery endeavors.
In essence, financial management ensures that the available budget is used wisely and efficiently. For example, let’s consider a fire station with a two-million-dollar budget. Spending 1.5 million dollars on a fancy fire truck and leaving insufficient funds to maintain other essential equipment would not be in the station’s best interest. Proper financial management ensures that the budget is distributed appropriately and that all necessary equipment is up-to-date.
Reference
Disaster Financial Management Guide. (n.d.).
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