In the present business scenario, characterized by globalization, deregulation and fierce competition, finance functions have, of late, assumed great importance. The fluctuating exchange rates, and volatile rates of interest, have made the fund-raising exercise and ensuring their effective utilization, as the major factors affecting corporate growth and development. Thus, all the executives, operating in today's competitive global economy, are required to effectively manage costs in the entire range of areas, ranging from production and quality control to maintenance and marketing. The growing requirements of financial reporting have placed new demands on both the finance and non-finance executives, alike. The implications of such changed environments must, therefore, be well understood and, more importantly, managed at all the levels, and across all functions in the organization. Further, it has become all the more important for non-finance executives to have at least a working knowledge of finance functions, so as to appreciate the financial implications of their decisions.
Accordingly, this book has been designed to provide the concepts and techniques in the major areas of finance, to enable the executives to objectively evaluate the alternative courses of action, and to take optimal decisions in all the areas, fully appreciating and weighing the financial implications.