Financial Management LEA.AC
The Master of Business Administration (MBA) is the best known and most popular postgraduate program in the world! Basically, it should have been the responsibility of each and every local government authority to develop its area of jurisdiction, only if there is a sound public financial management set in place as a strategy of local government administration as government channel to reach the grass root level.
The contemporary definition of internal control includes a broader context, which not only refers to the traditional role of financial expenditure controls, but also provides management with the capability to supervise service delivery effectiveness.
The fact is that it governs most of the worlds activities and poor finance management will immediately show up as conditions deteriorate in procurement, production and sales as it affects every sphere of business activities. The finance manager must consider many factors, such as the type of technology used by company, number of employees employed, scale of operations, legal requirements, etc. Effective and efficient local government budgeting and financial management is the cornerstone of any effective decentralization strategy. This gives us ample evidence to believe that there is a positive and significant impact of financial management in local government administration on effective and judicious use of public financial resources in Bayelsa state. Most management education is provided by universities and management or business schools.
Further, quite uniquely Public Finance Management performance affects the performance of all other sectors – yes the macroeconomic environment and so private sector opportunity and the service delivery in agriculture, health, education, transport, energy, public safety and the list goes on. When it works, all other sectors have a chance of succeeding; but when Public Finance Management fails all other sectors fail.
It is based upon a system of management information, financial regulations, and administrative procedures for assessing such activities as revenue collection, accounting, and procurement practices; policy- and decision-making processes; expenditure effectiveness; and human resources management.