Designed and delivered by The Open University. This course is designed to help managers understand how the decisions they make will affect the financial performance of their organisation. The materials and activities are designed to help you demystify the jargon of finance and to understand and use a range of different financial techniques to improve your abilities as a manager. You will look at the different financial reporting statements and financial measures to improve performance. You will learn about different mechanisms of costing and financial methods such as budgeting to assist in planning and controlling performance. Throughout this course you will be asked to relate your studies to your own work context.
The aim of the course Finance for non-financial managers is to enable managers to use financial techniques in managerial decision-making and to become more confident about dealing with finance professionals in their organisation.
After studying this course, you will be able to:
- Understand the importance of cash as an organisational resource and explain the difference between cash and ‘profits’.
- Understand the purpose of financial reporting statements.
- Use financial measures to evaluate performance.
- Understand different types of cost and associated cost behaviours and apply costing techniques in managerial decision-making.
- Understand the budgeting process, the behavioural implications of budgeting and how budgeting can help managers to achieve their objectives.
- Use financial techniques, such as budgeting, in planning, controlling and assessing performance
What is the key content?
The course comprises of four units:
- Unit 1 Financial reporting
- Unit 2 Measuring financial performance
- Unit 3 Cost management
- Unit 4 Cash management and budgeting