Financial management practices

A product manager should strike to achieve the balance between organization’s daily wants and stakeholders’ objectives (Gleeson, 2017). The best way of achieving this is by driving the short term results while keeping in mind the long-term vision. The manager should ask whether the things he is considering would move the organization towards the envisioned future. Balancing Potential risks and rewards It is essential for Woolworths to measure the rewards against the risk of a certain investment to determine whether the risks are worth. Understanding the relationship between the risk and reward is a way of understanding investment philosophy (Gilley, 2016). A financial plan is prepared during the regular business planning, where goals and strategies are chosen to enable the Company to operate in the upcoming financial year.