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                  40                                Corporate Finance                      BRILLIANT’S

                   (e) Derivative instruments  like options  and  (e) S>o[ado{Q>d BÝñQ¯>_oÝQ²>g O¡go Am°ßeZ VWm â`yMg© H$mo
                      futures have been introduced.               B§Q´>moS²>`yg {H$`m J`m&
                      As a result of the above changes, the job of  CnamoŠV n[adV©Zm| Ho$ n[aUm_ñdê$n, \$m`Z|{e`b
                  financial manager has become more complex   _¡ZoOa H$s Om°~ Am¡a A{YH$ H$m°åßboŠg VWm {S>_m§qS>J hmo
                  and demanding. Though the focus on value
                  maximization continues but two other trends  JB©& `Ú{n d¡ë`y _¡pŠO_mBOoeZ na \$moH$g ~Zm hþAm Wm,
                  are becoming more and more important:       Xmo AÝ` Q´>oÝS²>g A{YH$ _hÎdnyU© hmo J`o…
                  (1) The globalization of business.          (1) {~OZog H$m ½bmo~bmBOoeZ
                  (2) The  increased  use  of  information    (2) BÝ\$m°_}eZ Q>oŠZmobm°Or H$m ~‹T>Vm Cn`moJ&
                      technologies.
                      Both  of  these  trends  provide  new       BZ XmoZm| Q´>|S²>g Zo bm^Xm`H$Vm ~‹T>mZo VWm [añH$ H$_
                  opportunities  to  increase  profitability  and  H$aZo Ho$ {bE Z`o Adga àXmZ {H$E& hmbm§{H$ BZ \¡$ŠQ>g©
                  reduce risk.  However, these  factors are  also  go H$m°pån{Q>eZ VWm ZB© [añH$ ^r ~‹T>r h¡& ~¢H$ VWm
                  leading to increase in competition and new risks.  ES>dQ>m©BqOJ EOoÝgrO g_oV g{d©g àmodmBqS>J H§$nZrO H$mo
                  Service providing companies including banks
                  and advertising agencies are forced to be global  ½bmo~b hmoZo Ho$ {bE {dde {H$`m Om ahm h¡ Š`m|{H$ Eogr
                  because such firms can serve their multinational  \$åg© AnZo _ëQ>rZoeZb ŠbmB§Q²>g H$mo V^r gw{dYm Xo nm`oJr
                  clients only if they have world wide operations.  O~ CZH$m g§MmbZ d¡pídH$ ñVa na hmo&
                      Changes  in  technology  provide  both      Q>oŠZmobm°Or _| n[adV©Z go Adga VWm IVao XmoZm|
                  opportunities and threats. Improved techno-  CËnÝZ hmoVo h¢& CÝZV Q>oŠZmobm°Or H$m°ñQ> H$_ H$aZo VWm
                  logy is helpful for the companies to reduce costs  _mH}$Q> EŠgnmÝS> H$aZo _| ghm`H$ hmoVr h¡ qH$Vw Bggo A{V[aŠV
                  and expand markets but it has also introduced
                  additional  competition  which  may  reduce  à{VñnYm© {Z{_©V hmoVr h¡ Omo {dÚ_mZ _mH}$Q> _| àm°{\${Q>{~{bQ>r
                  profitability  in  the  existing  markets.  As  a  H$_ H$a gH$Vr h¡& n[aUm_ñdê$n \$m`Z|{e`b _¡ZoOa H$s
                  result,  the  next  generation  of  financial  AJbr nr‹T>r H$mo H$åß`yQ>a VWm boQ>oñQ> Q>oŠZmobm°Or H$m n`m©ßV
                  managers must have sufficient knowledge of  kmZ hmoZm Amdí`H$ h¡& {S>grOZ _oqH$J Ho$ {bE [a`b Q>mB_
                  computer and latest technology. They should
                  also possess quantitative skills to analyze data  ~o{gg na S>mQ>m EZmbmBO H$aZo Ho$ {bE Šdm§{Q>Q>o{Q>d pñH$ëg
                  on a real time basis for decision making.   CZHo$ nmg hmoZm Oê$ar h¡&              
                    FINANCIAL PLANNING AND FORECASTING / \>m`Z|{e`b ßbmqZJ VWm \$moaH$mpñQ>¨J

                    Q.4. What is Financial planning? Write the steps for making a financial plan.
                         \$m`Z|{e`b ßbmqZJ Š`m h¡? EH$ \$m`Z|{e`b ßbmZ ~ZmZo H$s à{H«$`m Ho$ MaU {b{IE&
                                                           OR
                         What are the benefits of financial planning in an organization?
                         EH$ Am°J}ZmBOoeZ _| \$m`Z|{e`b ßbmqZJ Ho$ bm^ Š`m h¢?
                                                           OR
                         What is Financial Forecasting? What are its objectives?
                         \$m`Z|{e`b \$moaH$mpñQ>¨J Š`m h¡? BgHo$ CÔoí` Š`m h¢?
                                                           OR
                         State the steps to be followed for financial forecasting.
                         \$m`Z|{e`b \$moaH$mpñQ>¨J Ho$ {bE nmbZ {H$`o OmZo dmbo MaU ~VmB`|&
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