Planning tools coursework

It is considered a generic tool that can be adapted for a wide variety of purposes (Chapin, 2003). It is mostly used to describe various processes such as project plan, service or administrative process, and or manufacturing process. One of the benefit of flowchart is its ability to allow an individual to visualize clearly multiple progresses and their sequence in a single document. This allow all stakeholders to easily understand the workflow besides finding out unnecessary steps. They can also be used to replace meetings, thus promoting instant communication. Time value of money is included in any financial decision in order to incorporate the financial impact of timing of cash flows in business. Since a dollar on hand today is worth more than a dollar promised in the future, it is therefore necessary that the time value of money be included in the financial decision so that firms can identified the money that they have which can easily be used to earn interest rather than obtaining it in the future during inflation.