Abstract
We provide a brief overview of the Basics of Financial Management serving as an introduction for the scientist or engineer, describing how companies view and measure financial performance overall, and per function, in a company. The concept of profit and loss (P&L), balance sheet, cash flow, work in progress, inventory, cost of goods (COGS) and a number of key ratios describing the performance of a business in financial terms are explained with easy to understand examples providing the formula required to make your own calculations in your field of responsibility. This chapter explains financial management language and thus provides a good basis for people in manufacturing or R&D to make sense of cost reduction or efficiency improvement instructions they receive.
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