FINANCIAL MANAGEMENT

TUESDAY, 05 JULY 2016

FINANCIAL MANAGEMENT

Reflective Essay

Special thanks goes to Mr. Lai Chee Kin for lecturing us in this interesting subject. It is a complicated subject as it was difficult to understand certain financial topics without a finance background. Some financial information and topics were very in-depth and I found it a little difficult to relate to why we needed such deep financial knowledge as quantity surveyors.

However, finance is equally important to us as surveyors needed to evaluate costing and financial management when we take up projects and calculate profit or payback returns. It is essential to understand finance in case we decide to open up our own firm in the future. 

Throughout the subject, I have learned to:-

1. Identify the appropriateness of financial management systems for different construction projects and implement the accountancy principles and practices in examining the construction company’s finances and accounts.
2. Define the appropriate cost control structure and technology in ensuring the quality management and total quality management (TQM) of the entire construction performance.
3. Apply capital investment techniques in analyzing the cost & benefit for particular construction projects.
4. Manipulate the sound knowledge of financial management in managing the financial aspects of the particular construction project.
5. Outline the business of construction project through proper strategic management theory and techniques.
6. Organize the staff’s tasks, organization as well as teamwork in group assignment

GROUP ASSIGNMENT

This group assignment consisted of 8 of our members. This assignment required us to get the financial reports of Hua Yang Sdn Bhd. Following that, we needed to draw up financial analysis as well as forecasts for the company. We also needed to calculate financial ratios for the company for two years, to compare their financial standing.

Based on our calculations, we had to evaluate on how the company was performing throughout the 2011 to 2015 and what are the challenges the company is most likely to be facing in the future. The write up and submission of the written report took up 25% of the total marks for this assignment.

For the remaining 5%, we had to do a presentation based on what we have researched and found from the company's financial reports. We were evaluated and graded based on a few aspects which are the quality of our contents, language, clarity, dressing as well as composure.