FINANCIAL MANAGEMENT

FINANCIAL MANAGEMENT (QSB3414) Lecturers: Mr. Chang Jau Ho & Sr. Lee Wing Tey

Why we need to study financial management?

    

    Basically Financial Management was about financial and organization management practices in construction circumstances. It also required the student to study about resource-use systems, especially the finances of a construction project and the management of important resource to assure the quality performance of the project. Financial Management also enables student to learn various finance terms which consist of financial information systems and capital investment.

Objectives

  

The student's objectives are actually achieved by me as at the end they came to know the principle and practices and information system of financial management used in the construction industry. Students also learn the way to appraise capital investment proposals appeared in the construction industry. Furthermore, they know more about the management in construction organization such as there were actually various ways of managing the business environment, the firm and the staff.

Learning Outcome   

  

At the end, the student actually succeed in learning the methods to determine the suitability of financial management system for distinct projects and also the students learned the way to use appropriate accounting principles and practices to analyse a construction's firm finance and accounts. In addition, the student also learned the importance of using suitable cost control structure and technique to make sure that the construction's firm performance was according to quality management and total quality management theory.


Apart from that, the students also get to learn capital investment techniques which is important to determine the cost and benefits of a project. The students too learn the way of applying financial management knowledge to control the financial site of a project related to construction work. Following by that, the student also felt gratitude that he had the chances to learn strategic management theory and techniques that can help in planning the business of construction task. Last but not least, the student also learned the way to organize staff's task and organization and leadership to boost up the staff's motivation and performance for career improvement.

Course work 1

Course work 1 was a mid-term test module which was hold on week 8 and it contributed a total of 20% for the overall assessment. This test enable the students to know how far they had progress. Furthermore, they will master the topics that the lecturer has taught. After they have mastered financial management, they will be able to advice future client in terms of financial issues. Apart from that the students would not forget the topics that they have studied.

Assignment

Assignment  or course work 2 was a group assignment which required the student to submit on week 14 and it contributes a total mark of 30% for the overall assessment. This group assignment enable the students to apply what they had studied to solve the problems given in the assignment. In other words, transfer theory into practical way. Besides, it also induce the students to think out of the box and induce the students to do more research on related topics. Last but not least, students understand more on financial management and the correct method to forecast a company's future income besides learning the correct way to study the annual report of a company.

                        

Figure 1- Took income statements from annual reports and make forecast for further 3 years

Figure 2- After forecast, we need to prepared bar-chart for revenue, gross profit and net profit