The Role of Financial Management on Productivity of the Refinery Case Study: Khangiran Gas Refinery of Iran

Seyed Gholam Hossein Hashemi Nassab

doi:10.5539/mas.v10n6p44

Abstract

This study evaluated the management strategy of Khangiran Gas Refinery of Iran for Financial Management and investigated the role of financial management on productivity. The respondents were ninety seven employees of Khangiran Gas Refinery. Survey questionnaire included 10 items with 5 point Likert scale was used in the study. Data was analyzed with using SPSS-19. Results showed the highest weighted mean was “the specified budget for any project was done in last years” with 3.84 mean score and verbal interpretation of “effective” while lowest mean was 3.51 with verbal interpretation of “effective” for the statement “Before doing any projects budget analysis is done carefully.” and there was a significant relationship between the financial management and productivity of the refinery; therefore the increase of the financial management leads to the increase of the refinery productivity.

Highlights

Business concern needs finance to meet their requirements in the economic world
The question and Hypothesis of below is presented: Question: What is the effective level of management strategy of financial management as regards increasing production
Ten statements were included in the table 1 and The highest weighted mean was “the specified budget for any project is done in last years” with 3.84 mean score and verbal interpretation of “effective” while lowest mean was 3.51 with verbal interpretation of “effective” for the statement “Before doing any projects budget analysis is done carefully”

Summary

Introduction

Business concern needs finance to meet their requirements in the economic world. Any kind of business activity depends on the finance. It is because that called as lifeblood of business organization. Whether the business concerns are big or small, they need finance to fulfill their business activities. All the activities are concerned with the economic activities and very particular to earning profit through any venture or activities. The entire business activities are directly related with making profit. Finance may be called as capital, investment, fund etc., but each term is having different meanings and unique characters. Increasing the profit is the main aim of any kind of economic activity

Objectives

Methods

Conclusion