Finance Management in Functional Management System

DOI

10.2991/iscfec-18.2019.27How to use a DOI?

Keywords

functional management, production management, marketing management, finance management, planning, budgeting, financial responsibility centres.

Abstract

The research's pertinence results mostly from the fact that under today's circumstances of organizations' operation we more and more often face challenges in coordinating executives' actions due to rapid change in internal and external environment. It demands a methodological toolbox to implement executive decisions in functional management, but today its methodology basis is not fully developed. The goal of the research is to define the place of financial management in the system of functional management, to discover existing connecting links and their impact on modern businesses' activity. The article shows the results of the conceptual framework analysis in functional management; it presents the authors' view of such terms as "functional management" and "functional management system" as well as classification and interconnectedness of management functions and a business's functions. Subsystems of the main functional management system were assessed. Subjects and objects of management were identified. Recommendations for executive decisions implementation in functional management were formulated to achieve a high degree of coherence in putting into practice specific projects and plans. All the examined functional management subsystems are connected. The central focus has been made on finance management that is subordinate to the other systems and in its turn impacts their development as it fulfils its function of generating financial resources and of their investment into production. The study used some elements of the comprehensive approach and systemic, structural and processing analysis as well as comparative analysis, scientific search and classification approaches.

Copyright

© 2019, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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TY  - CONF
AU  - L. A. Kaverzina
AU  - M. I. Cherutova
PY  - 2019/01
DA  - 2019/01
TI  - Finance Management in Functional Management System
BT  - Proceedings of the International Scientific Conference "Far East Con" (ISCFEC 2018)
PB  - Atlantis Press
SP  - 119
EP  - 123
SN  - 2352-5428
UR  - https://doi.org/10.2991/iscfec-18.2019.27
DO  - 10.2991/iscfec-18.2019.27
ID  - Kaverzina2019/01
ER  -