CMI 706 Assignment Example
Each task in this assessment brief is designed to help you demonstrate the achievement of the learning outcomes and assessment criteria for CMI 706 Finance for Strategic Leaders. To successfully complete the unit, you must achieve a passing outcome for each assessment criterion.
Table of Contents
Leaders need to understand the Finance function to make effective decisions in their role. Finance affects every part of an organisation and plays a key role in shaping and achieving strategic goals. The CMI 706 assessment brief is designed to help leaders demonstrate their knowledge of Finance’s scope, complexity, and role in an organisation. It also helps them understand how Finance influences strategic decision-making.
Assessment Questions
Task 1
The scope of the Finance function within an organisational context
LO1 Understand the scope of the Finance function within an organisational context
A clear understanding of the Finance function is crucial for an organisation’s success. Financial decisions impact all areas of the business, so it’s important to grasp the full financial picture. This includes analysing larger aspects like taxes, loan structures, and international regulations, as well as smaller tasks like budgeting and managing cash flow. By taking this approach, organisations can better manage their resources and get the most out of their investments.
AC 1.1 Critically appraise how the Finance function supports organisational success
The Finance function is vital for an organisation’s success. By carefully monitoring and making informed decisions, the Finance team can ensure that financial resources are used effectively to create value and support the organisation’s goals. They can also develop a strong operating model with proper controls to reduce risks and ensure compliance.
By actively managing finances, stakeholders can expect better returns on their investments over time. It’s clear that a reliable Finance department is essential for running a successful business. Such a department should be able to assess situations accurately and continuously seek improvement to drive the organisation’s success.