Financial Planning Research Articles

Strategic ambitions of external RDI funding in Finnish universities of applied sciences

ABSTRACT This article explores the strategic external funding goals and plans of action of Finnish universities of applied sciences (UASs) as articulated in their institutional strategies using the ecology-of-games metaphor. UASs are pressured to expand external funding sources compared to their previous student number-based funding history. The UASs’ institutional strategies reveal the objectives and actions to acquire external RDI (research, development and innovation) funding and potential externalities. UASs underscore cooperation, partnerships and expanding RDI and institutional images. Few UASs set goals for specific funding sources; instead, UASs’ strategies demonstrate commitment to their public RDI mission. UASs’ unique internal features are not prominently reflected in external funding goals and plans of actions. This study suggests that UASs’ strategies significantly align with the government’s core funding formula and implemented public funding cuts. Global pressures and increased performance competition have even led to new ownership structures, where traditional universities primarily own UASs in five cases. This introduces a new dynamic to Finnish universities and UASs, with implications for both sectors. This study’s main contribution is its conceptualisation of multiple strategic external funding goals and plans of action in Finnish UASs’ governance and funding contexts.

The influence of trauma insurance on quality of life among cancer survivors

This study investigates Australian cancer survivors' Quality of Life (QOL) concerning whether they own trauma insurance. This research examines (1) whether financial planning mechanisms alleviate financial stress, maintaining the QOL of cancer survivors, (2) how receipt of financial proceeds impacts QOL, and (3) whether emotion affects the financial decisions of cancer patients. Researchers used qualitative research methods to investigate the relationship between trauma insurance ownership and QOL in cancer survivors, considering demographic factors such as gender, age and income, type of cancer, treatment type, the meaning of life, financial planning mechanisms, emotional finance, and risk-shifting behavior. Findings show a general decrease in the QOL of survivors without trauma insurance and less change in the quality of life of survivors with trauma insurance. We attribute this difference to the additional benefits survivors buy with their insurance proceeds. Trauma insurance and other financial mechanisms function to mitigate financial stress.

Development of Accounting E-module Based on Contextual Learning to Increase Student Interest in Learning

This research aims to develop an accounting e-module for contextual-based learning to increase students' interest in accounting. This contextual learning connects accounting with the application of financial literacy, particularly in financial planning. The development research method utilizes the ADDIE development procedure model. Validation by media, material, and language experts, as well as feasibility trials, targets students from the class of 2022/2023 of the Social Sciences Education Study Program (Program Studi Pendidikan Ilmu Sosial - PIPS) at UIN Maulana Malik Ibrahim. Interest was measured using a questionnaire administered to both the experimental and control classes. The research results indicate that the interest of the experimental class was higher than that of the control class, demonstrating the effectiveness of using contextual-based e-modules in learning.

Literatur Review :Analisis Mengenai Facebook

Abstrack Facebook has far more than 2.91 billion users worldwide, as of October 2021 by following its commitment to “Give people the power to build community and bring the world closer together”. May of Facebook, major acquisition of Facebook, applications of AI in Facebook and Financial plans and challenges. The entire Facebook company will now be known as Meta. The Facebook app, on the other hand, will keep its name, and other apps will not be affected. Facebook is now known as 'Meta' because of its new focus which means 'after' or 'beyond' in Greek. However, Instagram, Facebook, WhatsApp, and Messenger are now all part of the 'Meta' company, much like Google's products are all part of the Alphabet company. Artificial intelligence, AI is really essential to Facebook. Keyword: Facebook, Meta, Machine learning

A Study on the Impact of Fintech on the Financial Behaviour of Individuals

Technological infusion into the financial services sector is the new mode of advancement that brought in enormous changes to the sector. There are roughly over 3085 Fintech companies operating in India as of 2023 with market capital over USD 226 billion. The financial services industry has shifted from providing traditional services to giving Fintech services. Fintech has brought in changes in the financial behaviour patterns of individuals. The present trends in Fintech revolve around embedded finance, digital regulatory standards, and e-money institutions. This study is undertaken to explore the factors that have caused individuals to adopt Fintech and how this Fintech adoption has influenced their financial behaviour patterns concerning savings, expenditure, investment, and financial management. The users of Fintech applications from Chennai have been considered for the study. A sample of 256 respondents has been collected via a well-structured questionnaire using the purposive sampling method and analyzed using SPSS (v20) software using correlation, regression, and descriptive analysis. Variables of Utility, Ease of use, Performance of individuals, Societal influence, Trust and security, Risks, and Financial and technological literacy have been taken as the factors that influence the adoption of Fintech. It can be concluded these factors affecting Fintech use, significantly influence the financial behaviour that in turn highly influences the overall Fintech adoption and satisfaction. The study suggests that the factors influence each financial behavioural aspect at different levels. Thus, the Fintech adoption has brought changes in the way through which individuals behave towards their financial planning and goals.

Pengaruh Literasi Keuangan, Perencanaan Keuangan, dan Lingkungan Sosial Terhadap Perilaku Keuangan Pegawai Pemerintah Non Pegawai Negeri (PPNPN) Universitas Pendidikan Ganesha

The purpose of this study is to examine the partial and simultaneous effects of financial literacy, financial planning, and social environment on PPNPN Undiksha's financial behaviour. Utilising a questionnaire as a research instrument, quantitative research is the method employed. The sampling technique used was purposive sampling with a total sample of 56 people consisting of educational staff (PPNPN) with Contract Agreements and assigned to the finance section of the Rectorate, institutions and various faculties within Undiksha. It is known that Undiksha includes 9 faculties including Postgraduate. The findings demonstrated that financial behaviour is significantly and favourably impacted by financial literacy, financial planning, and the social environment. Additionally, financial behaviour is significantly and favourably impacted by financial literacy, financial planning, and the social environment combined. on the PPNPN Undiksha's financial conduct. These findings have implications and contribute to PPNPN Undiksha to increase financial literacy, finalize financial planning and choose a positive social environment to be able to foster good financial behavior in each individual.

LITERASI KEUANGAN SEBAGAI VARIABEL MODERASI DALAM PENGARUH PERSEPSI KEUANGAN TERHADAP PERENCANAAN KEUANGAN

Micro, Small and Medium Enterprises (MSMEs) are the pillars of the Indonesian economy that have experienced rapid growth but still face several obstacles that need to be addressed immediately. Therefore, improving financial literacy for MSMEs in Surakarta is crucial to improving their business performance and sustainability. One way to improve business performance is by increasing financial literacy. Individuals with higher financial literacy tend to have more knowledge about financial management, including business financial planning. This research aims to determine the extent to which the level of financial literacy of MSME actors can strengthen attitudes and risk perceptions in business financial management for making appropriate financial planning decisions. The research approach used is quantitative using Structural Equation Modeling (SEM), while the data analysis method used is Partial Least Square (PLS), with research subjects taken from MSME actors under the guidance of the Solo Technopark Science and Technology Regional Technical Service Unit.

A research proposal to examine psychological factors that influence financial planning for retirement in China

The life expectancy rate of individuals worldwide has risen, and China is not excluded. Combined with an aging population, increasing pressure on the pension fund system, and a lack of savings, it poses a significant challenge to financial security unless measures are taken to improve individuals’ planning and financial well-being in retirement. This study aims to examine the psychological factors that influence individuals' FPR, thereby expanding the explanatory models for retirement savings decisions and behaviors. Using the CWO Model and supported by image Theory and the 3M Model, this research focuses on how the interaction between future time perspective, risk tolerance, retirement goal clarity, subjective financial literacy and objective financial literacy as psychological characteristics influence individuals' FPR. To obtain meaningful results, back translation was used to check the accuracy of the preliminary translation of research instruments. This translation method was also combined with the pretest method of expert reviews and cognitive interviews to increase the validity of the survey questionnaire. A purposive sampling technique will be applied to collect data from adults who are over 23 years old and have a certain income stream in six cities in China. The Structural Equation Modelling software will be used to examine the hypotheses of direct and mediating effects. This study has implications for financial market regulators, policy makers, and consumers. Keywords: CWO model; decision-making; financial planning; financial literacy; psychological factors; retirement

RISKS IDENTIFYING AND ASSESSMENT PECULIARITIES IN BUSINESS PLANNING PROCESS

The scientific article discusses problematic aspects of identifying and assessing risks at the stage of developing business plans. It was determined that changes in the economic environment of enterprises require the formation of new approaches and means of solving economic problems. One of the effective ways to solve this problem is to develop a business plan. This document should be considered both a management tool of the business entity and a means of attracting financing. The specifics of business planning are defined, the main reasons that lead to the development of a business plan are considered.
 It is noted that risks are an important element that must be paid attention to in business planning. The interpretation of the term "risk" in the scientific literature is generalized. It was determined that the presence of risk in the business plan is a forming factor of uncertainty. The study points to the presence of risks as a mandatory and undeniable element of enterprise activity in modern conditions. Risk assessment is a mandatory structural element of a typical business plan.
 It is indicated that each business plan is individual and unique. It is proposed to detail the risks not in a separate section "Risks", but in the section of the main sections of the business plan: market analysis, marketing plan, organizational plan and management, production plan, financial plan, which will allow group all existing risks, detail them and develop priority measures to neutralize them.
 The main types of risks that may arise in the main sections of the business plan are revealed. It was determined that the systematization of types and groups of risks by sections is an important tool for their effective management, because it helps to choose individual approaches to assessment, measurement, forecasting and selection of response measures.
 As a result, it is proposed to form an appropriate table of risks and means of their neutralization, which will allow to show the investor or an interested person that the applicant is informed and able to cope with the risks and threats of the project

Cost Bearing of Individual Project due to Use of Modern Software in Project Management and Detailed Analysis of Same for Making Cost Effective Path

Abstract: Project management in India is witnessing impact of IT Development on its core field. Particularly in India project management had undergone lot of changes. Post industrialisation era demand of skilled project management had reached a statutory requirement. Introduction of RERA enforced private developer and builders to develop the project in stipulated time. The requirement of quick update, organised effort, errorless drawing and documentations, integrated approach demanded use of IT infrastructure alike other Field. As per the other infrastructure Cost of modern use of Software’s demanded Financial Planning and Consideration for Annual basis. The study aims at study of IT infrastructure required for individual project. To list out strategies to control this cost and make a cost-effective way.

The influence of pension savings and economy development on the dynamics of bank deposits

This article presents a comprehensive methodological framework designed to explore the complex relationships among pension savings, economic growth, and bank deposits over the period spanning from 2014 to 2022. The objective of this study is to illuminate the intricate dynamics that influence household financial behavior and decisions. Through rigorous statistical analyses, the research seeks to uncover nuanced patterns and trends within these interactions. The confirmed findings of the study provide substantial support for Hypothesis 1. This underscores the significant impact of pension savings on the increase in bank deposits. This finding not only highlights the importance of understanding these dynamics within the context of contemporary financial landscapes but also carries implications for strategic financial planning. The recognition of the link between pension savings and the escalation of bank deposits suggests potential avenues for optimizing financial strategies and policies. Conversely, the rejection of Hypothesis 2 indicates that GDP (Gross Domestic Product) exerts an insignificant influence on the growth of bank deposits. This emphasizes the intricate and multifaceted nature of the current interplay between economic growth and individual banking preferences. The insights gained from this rejection contribute to a nuanced understanding of the factors shaping financial decisions, offering valuable perspectives for navigating the evolving financial terrain. In conclusion, the article contributes to a deeper understanding of the multifaceted factors that shape financial decisions. The identified relationships between pension savings, economic growth, and bank deposits provide valuable insights for policymakers, financial institutions, and individuals alike, offering a foundation for informed decision-making in the ever-changing financial landscape.

Application of the EFQM model in a travel agency

The paper aims to evaluate the degree of excellence a selected travel agency achieves using the EFQM model. The methodology involves establishing desirable outcomes such as modernizing service offerings and increasing competitiveness. Questionnaires assess customer satisfaction, employee satisfaction, societal impact, and critical organizational results. These questionnaires address service quality, environment, employee willingness, director rating, and financial and non-financial evaluations. The EFQM model provides a framework for the organization to respond effectively, emphasizing the need for thorough comparison with practical implementation and active involvement from management and employees. The model's introduction is acknowledged as a long-term endeavor, requiring sustained effort and understanding from management. In summary, the EFQM model evaluation of the travel agency reveals strengths in employee care and goal clarity but highlights areas for improvement. These include updating policies, reviewing external partnerships, and adapting processes to customer needs. Addressing employee satisfaction, financial planning, and strategic marketing are crucial for success. Embracing EFQM principles fosters continuous improvement, customer focus, and organizational resilience, positioning travel agencies as industry leaders. EFQM provides a valuable framework for enhancing performance and quality in a competitive landscape.

The economics of deep and machine learning-based algorithms for COVID-19 prediction, detection, and diagnosis shaping the organizational management of hospitals

Research background: Deep and machine learning-based algorithms can assist in COVID-19 image-based medical diagnosis and symptom tracing, optimize intensive care unit admission, and use clinical data to determine patient prioritization and mortality risk, being pivotal in qualitative care provision, reducing medical errors, and increasing patient survival rates, thus diminishing the massive healthcare system burden in relation to severe COVID-19 inpatient stay duration, while increasing operational costs throughout the organizational management of hospitals. Data-driven financial and scenario-based contingency planning, predictive modelling tools, and risk pooling mechanisms should be deployed for additional medical equipment and unforeseen healthcare demand expenses. Purpose of the article: We show that deep and machine learning-based and clinical decision making systems can optimize patient survival likelihood and treatment outcomes with regard to susceptible, infected, and recovered individuals, performing accurate analyses by data modeling based on vital and clinical signs, surveillance data, and infection-related biomarkers, and furthering hospital facility optimization in terms of intensive care unit bed allocation. Methods: The review software systems employed for article screening and quality evaluation were: AMSTAR, AXIS, DistillerSR, Eppi-Reviewer, MMAT, PICO Portal, Rayyan, ROBIS, and SRDR. Findings & value added: Deep and machine learning-based clinical decision support tools can forecast COVID-19 spread, confirmed cases, and infection and mortality rates for data-driven appropriate treatment and resource allocations in effective therapeutic and diagnosis protocol development, by determining suitable measures and regulations and by using symptoms and comorbidities, vital signs, clinical and laboratory data and medical records across intensive care units, impacting the healthcare financing infrastructure. As a result of heightened use of personal protective equipment, hospital pharmacy and medication, outpatient treatment, and medical supplies, revenue loss and financial vulnerability occur, also due to expenses related to hiring additional staff and to critical resource expenditures. Hospital costs for COVID-19 medical care, screening, treatment capacity expansion, and personal protective equipment can lead to further financial losses while affecting COVID-19 frontline hospital workers and patients.

대학생의 ‘경제생활역량’과 영향변인에 대한 탐색적 연구

Purpose: The Economic-life competencies of college students were measured and variables affecting these competencies were analysed. Method: Economic-life competencies were measured using the Money-Frame Scale, and t-test and ANOVA were performed to analyze various factors affecting money power, and correlation analysis and multiple regression analysis were conducted. Results: Personal factors (gender, age, grade, pocket money, savings/investment, donation/sharing, self-income), Family factors (mother's occupation, financial conversation at home), Economic education factors (economics-related education, time of first economic education, economics-related education at home, economic content usage rate & contentd), Economic life factors (financial crisis experience, awareness of income and expenditure, consumption expenditure records, savings, understanding of savings products, budgeting, financial information sources, retirement financial planning, financial trust) have been shown to increase Economic-life competencies. Conclusion: There is a need for establishing the culture that allows economics-related education at home and a plan to make practical economics education in schools.

The Effect of Financial Planning on Consumer Debt Management: The Role of Financial Literacy, Self-Efficacy, and Financial Motivation

This qualitative study investigates the complex interplay between financial literacy, financial behavior, self-control, debt management, and financial well-being. Utilizing in-depth interviews with a purposively selected group of individuals engaged in financial planning to manage personal or household debt, the research aims to explore how financial literacy, self-efficacy, and financial motivation mediate the relationship between financial planning and consumer debt management. The methodology encompasses a thematic analysis of participants' narratives to identify and interpret the underlying themes related to financial management practices. Findings reveal a multifaceted relationship where financial literacy emerges as a foundational element, enhancing participants' ability to manage debt effectively. High financial self-efficacy, influenced by literacy, motivates proactive financial behaviors, leading to improved financial well-being. Conversely, low self-control and procrastination were identified as significant barriers to effective debt management. The study also highlights the pivotal role of quantitative literacy and material values in shaping financial behavior, with strong quantitative skills and lower materialism associated with forward-looking financial decisions. These insights underscore the need for comprehensive financial education that addresses not only the cognitive aspects of financial decision-making but also the psychological factors influencing financial behaviors. Tailoring financial education to individual needs and contexts is critical for enhancing financial literacy, self-efficacy, and motivation, ultimately leading to better debt management and financial health.

Concevoir un centre alimentaire communautaire pour favoriser la sécurité alimentaire

Objective: The objective of this community-based participatory action research (CBPAR) project was to gain an in-depth understanding of the needs, interest and opportunities that exist within a post-secondary institution with respect to supporting food security among students via a food hub. Methods: The project was undertaken on the campus of the University of British Columbia-Vancouver. The CBPAR approach included 4 phases: 1) information gathering, 2) relationship development, 3) implementation of the community engagement strategy, and 4) shareback of findings to the community. Results: Phase 1 identified key components that formed the research process including campus partners for relationship development (phase 2) and subsequent engagement through their networks (phase 3). Phase 3 included engagement of 62, 111, 156, and 154 students, who participated in facilitated dialogues, community meals, a survey and targeted survey, respectively. Food insecurity related experiences were prevalent, with 37% to 75% indicating they worried about running out of food in the last year. Over 90% of all survey respondents affirmed that they would access a community food hub (CFH). Preferences for the CFH were inclusion of emergency food access, community meals, and financial support and planning, while prioritizing foods that meet cultural needs, and a low cost grocery store within the CFH. Conclusion: There is a demonstrated need and desire among students for innovative approaches to support food security at a post-secondary institution. The process outlined may serve as a road map for other communities who are seeking to move beyond emergency food relief.

WAYS OF STRENGTHENING THE FINANCIAL STABILITY OF SMALL ENTERPRISES IN AZERBAIJAN

Topicality. In recent years, mechanisms to support and encourage small businesses have been widely used to promote the positive impact of income distribution on the development of a competitive economy, poverty reduction and rapid response to changing market conditions. Aim and tasks. The primary aim of this research is to investigate and enhance the financial stability of small enterprises in Azerbaijan, emphasizing their crucial role in the country's economic development. The research evaluates the profitability and management efficiency of small enterprises through indicators such as general profitability, net profitability, net return on equity, and total profitability of production funds. Materials and methods. Data Collection, literature review, mathematical analysis methods were used in the study. There are methods of financial planning aimed at studying its object, and the preparation of this financial plan is carried out by various methods. Among them, we can show methods on the coefficient, methods on the norm, and also methods on the balance. As a result of determining financial ratios, financial risks can be analyzed and eliminated. To achieve stability, it is necessary to analyze financial ratios, which are relative indicators of the financial condition of the enterprise. These coefficients are calculated as the ratio of absolute indicators or their complex. The analysis of financial ratios is carried out by comparing their values for periods (report and base). Research results. While each enterprise demonstrates its unique financial performance, "Karmen LLC" appears to exhibit promising signs of stability with positive profitability, reasonable liquidity, and efficient management. However, continuous monitoring and strategic planning are necessary for sustaining and enhancing their financial health and market stability. Conclusion. The financial analysis of "Karmen LLC", "Azdad 2020 LLC", "Karvan L LLC", and "NEON LLC" highlights variations in their financial stability, profitability, and management efficiency. While "Karmen LLC" and "Azdad 2020 LLC" demonstrate stronger financial positions and profitability, "Karvan L LLC" and "NEON LLC" face challenges such as lower liquidity and profitability. Further research should focus on industry benchmarking, trend analysis, and qualitative assessments to provide a more comprehensive understanding of their financial performance and prospects. These insights will be crucial for informed decision-making and strategic planning in the competitive business landscape.

The Influence of Regional Original Income and General Allocation Funds on Economic Growth with Capital Expenditures as an Intervening Variable

Purpose: The purpose of this research is to explore the relationship between financial sources, public services, and economic growth at the local government level. Specifically, the study aims to investigate how Regional Original Income and General Allocation Fund allocations impact capital expenditure and subsequently influence economic growth. By examining these relationships, the research seeks to provide insights into the effectiveness of financial management strategies employed by local governments in promoting economic development and improving public services. Methods: This study utilizes data from all districts/cities of Bali Province for the period 2015-2020, comprising Regional Original Income, General Allocation Fund, Capital Expenditure, and Economic Growth indicators, totaling 54 data points. A saturated sampling approach, also known as total sampling, is employed to ensure comprehensive coverage of the dataset. The analysis technique involves Structural Equation Modeling (SEM) using the SmartPls 3.2.8 program, allowing for the examination of complex relationships between variables and the assessment of their direct and indirect effects. Results and discussion: The findings of this study reveal several key insights: 1) Regional Original Income positively and significantly influences capital expenditure, indicating that higher revenue generated within regions contributes to increased investment in infrastructure and development projects; 2) General Allocation Fund demonstrates a positive but insignificant effect on capital expenditure, suggesting that while these funds are allocated for public services, they may not directly translate into capital investments; 3) Regional Original Income and General Allocation Fund show negative and insignificant effects on economic growth, implying that other factors may have a stronger influence on overall economic performance; and 4) Capital expenditure exhibits a positive but insignificant effect on economic growth, suggesting that while investment in infrastructure may contribute to economic development, other factors play a more significant role. Implications of the research: The findings of this research have implications for local government policymakers and stakeholders involved in financial management and economic development planning. By understanding the relationships between financial sources, capital expenditure, and economic growth, policymakers can devise more effective strategies for resource allocation and investment prioritization. Additionally, the study highlights the need for comprehensive approaches that consider various factors influencing economic growth beyond financial inputs alone, such as regulatory environments, market conditions, and governance structures. Originality/value: This research contributes to the literature by providing empirical evidence on the relationship between financial sources, public services, and economic growth at the local government level, particularly within the context of Bali Province. By employing Structural Equation Modeling and analyzing a comprehensive dataset, the study offers insights into the nuanced dynamics of financial management and its implications for economic development. Furthermore, the findings underscore the importance of considering multiple factors in the formulation of local government policies aimed at fostering sustainable economic growth and improving public services. Overall, this research adds value to the understanding of local government finance and its role in driving regional development agendas.

Marketing Strategy Plan of Coca-Cola Company in the UK

Marketing is crucial to the success of an enterprise. This report is to develop a marketing strategy plan for Coca-Cola company, including seven parts: introduction, situation analysis, market segmentation, innovation, resource allocation, conclusion and recommendation. Situational analysis includes macro-environmental factors, such as policy, economy, society and technology; Industry elements like competitors, suppliers and substitutes; Internal factors, such as the strengths and weaknesses of Coca-Cola. Coca-Cola divided the market into different segments and target each segment with suitable products, which including provides Coca Cola range with different varieties for age segment (18-35); Multiple size of bottles target family size segment; Multiple bottles with different materials target income group; Sugar and calories-free drink target health-conscious group; “Christmas Celebration Bottle Bow” target specific occasion - Christmas. In terms of innovation, Coca-Cola launched new products, including Coca-Cola energy, Simply smoothie and Honest cold brew coffee. Moreover, it also developed new packaging material which is KeelClip™ and is going to replace all the plastic packaging from all can multi-packs. In addition, Coca-Cola innovated its service, which is the adding of loyalty scheme to vending machine. Coca-Cola uses financial planning model to determine the budget and other resources that should be allocated to each project, it invested lots of money into Diet coke and new packaging technology. The recommendation for the future development is expanding markets to health and food areas as well as target other age group (50-54) and introduce suitable products.

ФІНАНСОВЕ ПЛАНУВАННЯ ЯК ЕЛЕМЕНТ ОБГРУНТУВАННЯ ГОСПОДАРСЬКИХ РІШЕНЬ ЗА УМОВ НАЯВНОГО РИЗИКУ ТА ЗАСТОСУВАННЯ СТРАХУВАННЯ ЯК МЕТОДУ ЗНИЖЕННЯ СТУПЕНЯ РИЗИКУ

Financial planning is a key element in justifying business decisions in the face of risk. It is a systematic process of developing future financial commitments and goals based on an assessment of the current financial position and capabilities. The main goal of financial planning is to ensure optimal use of resources, maximize profitability and ensure financial stability. In times of crisis, financial planning becomes even more important as it allows businesses to adapt to changing conditions and make informed decisions to maintain financial stability.
 By analyzing the current state and forecasting financial flows, an enterprise can effectively respond to possible risks and influence its future. The use of insurance as a method of reducing the degree of risk is becoming an integral part of financial planning. By identifying potential threats and choosing appropriate insurance policies, a company ensures financial security against negative events. This helps to reduce financial losses in the event of unforeseen events, such as natural disasters or material damage.
 Research shows that financial planning plays a key role in making sound business decisions, especially in high-risk environments. They highlight the methods and tools of financial planning that allow businesses to adapt to changing conditions and effectively manage risks. They also emphasize the importance of insurance measures in mitigating various types of risk, from property loss to financial risks. These studies and publications provide a valuable contribution to the understanding of the relationship between financial planning and insurance, which helps enterprises to rationally address financial challenges and effectively manage risks.
 Thus, financial planning and the use of insurance together help enterprises to effectively manage risks and make sound business decisions.