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Individual Assignment
Course Name: Principles and Practices of Management
Course Code: HRES1003_3
Student Name: HARSHITA GARG
Student SAP ID: 590024899
Programme: BCOM (Hons) Batch 1
Q. Using the role allocated to you and its guiding description,
comment on the use of technical, human, conceptual and political
skills being employed in the role (400 -500 words). Create the
skills matrix (Fill the table with examples).
Ans.
Job Role Allocated : FINANCE MANAGER
Part – A (400-500 words)
Use of Technical Skills
Technical skills of a finance manager are crucial as they help in
financial management and strategic decision making. They help in
analyzing
difficult financial data and provides valuable ideas to support
businesses . Some of the skills are
1 Finance managers are skilled at creating and interpretating
financial models and performing budget variation analysis. They
identified trends and make projections that guide business
decisions
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2 They have a solid understanding of accounting principles which
help them in managing accounts and preparing accurate financial
reports.
3 They have a understanding of risk assessment and have
knowledge of regulatory requirements and audit process
4 They have knowledge of tax regulations, planning strategies
and meeting requirements to minimize tax liability while meeting
legal guidelines.
These skills help finance managers to protect company money,
make smart financial choices and support business growth
through careful planning and analysis .
Use of Human Skills
Human skills are the abilities that help people get along well with
others and do well at work and in life.they help financial
managers in the following ways:-
1 Communication skills help them explain difficult financial
information to people who don't understand finance, present
budget reports to management in clear ways as they understand
people around them and their mental levels
2People skills are essential because financial managers work with
employees from every department in the company, and they need
to build trust and maintain good relationships to get accurate
information
3 Problem-solving skills help them find creative solutions when
departments disagree about money, make smart decisions about
company spending, and figure out ways to save costs without
hurting the business
4 Leadership skills enable financial managers to motivate their
accounting team, guide others through difficult financial changes,
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and influence people to follow important financial rules and
procedures
These human skills make financial managers more effective
because they can work well with people throughout the
organization, build the relationships needed to gather important
financial information, and help their company make better money
decisions that support long-term success.
Use of Conceptual Skills
Fiscal directors need strong abstract chops to understand how
their association operates as a complete system and make
opinions that profit the entire company.
Some of them are:
1 Fiscal directors must suppose of new ideas, be ready for
change, and help the company grow while keeping it safe from
fiscal problems.
2 Fiscal directors must look ahead and plan for what might be
next. They need to break problems by taking big issues and
making them lower and easier to handle. They must find answers
that help everyone in the company.
3.Abstract chops include strategic thinking. This means directors
must see the whole company, not just one part. They need to
understand that plutocrat opinions in one area will change other
corridor of the business too.
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4. Analytical thinking helps them spot patterns in plutocrat data.
They can put together information from different places. This
helps them reach conclusions that guide important opinions.
Use of Political Skills
The Political skills of a finance manager because they help them
work better with people and get things done parallel to building
trust.
Some of them are:
1 relationship building skills like building trust with seniors and
board members while maintaining good relations with colleges
and developing connections with external auditors while also
networking with bank partners and investors
2 They also have persuasion abilities like convincing management
to approve important budget changes and explain why financial
controls are important
3 They have leadership qualities and established a reputation
which is reliable and trustworthy while demonstrating expertise
without appearing arrogant
4 They understand company culture and rules and they
recognized who really make important decisions in the company.
5 They help in resolving issues and solving conflicts with external
partners
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Part-B
Skills Matrix with Examples for the job role – FINANCE MANAGER
Skill Description Job role specific examples
Category
Technical skills for Create annual budgets and
Technical a Financial forecasts , Evaluate major business
Manager are the investments and expansions ,
specific job Prepare monthly/quarterly
knowledge and performance reports and Identify the
tools needed to financial risks.
handle money
matters in a
business.These
knowledge is
based specialised
knowledge and
skills.
Human skills are Examples:
essential for
Human Motivating the accounting team
financial managers
during busy month-end closing
because they work
periods , Teaching sales team how
with people every
their commission structure affects
day and must build
company profits , Resolving
relationships,
disagreements and Negotiating
communicate
payment terms with suppliers,
crystal clearly,
maintaining good relationships with
and lead teams
loan officers at banks
effectively.
Conceptual skills Examples:
Conceptual are necessary for
Financial Managers Creating a 5-year expansion plan
because they must that integrates market analysis and
understand capital requirements , Analyzing
complex business declining profitability by examining
relationships, think market trends, operational efficiency
accordingly or
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strategically, and and pricing strategies and
see how financial Developing scenarios for currency
decisions would fluctuations, interest rate changes,
impact the entire
and regulatory shifts.
organization. They
help managers see
how things fit
together and align
with organizational
financial manager
goals.
Political skills are Examples:
Political important for
Mediating between competing
Financial Managers
departmental budget request,
because they must
Carefully communicating quarterly
know how to
losses to investors by emphasizing
navigate difficult
recovery plans and long-term
organizational
strategy and Implementing expense
relationships,
approval system by identifying key
influence
influencers.
decisions, and
manage competing
interests across
different sections
of departments
and stakeholders.
References used:
1. List the complete link of job vacancy researched:
2. https://www.naukri.com/
3. https://www.indeed.com/career-advice/resumes-cover-
letters/hr-assistant-skills
4. https://www.aihr.com/blog/hr-skills/
5. Books/News articles/Other media
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Fundamentals of management Robbins, Stephen P
Principles and practice of management by DR. L.M Prashad
