MANAGEMENT

Detailed explanation-1: -Financial management is strategic planning, organising, directing, and controlling of financial undertakings in an organisation or an institute. It also includes applying management principles to the financial assets of an organisation, while also playing an important part in fiscal management.

Detailed explanation-2: -Traditional Approach According to this approach, the scope of the finance function is restricted to “procurement of funds by corporate enterprise to meet their financial needs. The term “procurement” refers to raising of funds externally as well as the inter related aspects of raising funds.

Detailed explanation-3: -The traditional approach neglected the issues relating to the allocation and management of funds and failed to make financial decisions. The modern approach is an analytical way of looking into financial problems of the firm.