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Professional Skills Essay

Describe situations that you have been through which would be appropriate to apply on these two professional skills:

1. Managing Conflict Skills
2. Negotiations Skills
Where possible, try to relate all skills in a 'business / financial situation' as my major is Finance.

The assignment structure should be as below:

- Rationale for skills chosen
Why you have chosen these skills (its importance & significance)
- Description and critical reflection on experiences in using that skill

- Provide Academic Theories relating to the 2 skills selected

- Critical use of theory on academic and professional skills
(Critical review of experience of using these skills -(what was the situation, what went well, what went not so well and why?)

- Link between theory & practice
Critical Analysis (how does my experience relate to theory cited? What could I do better next time based upon what I have learned from theory and experience)
- Referencing

Please place an emphasis on the link between theories and practices, instead purely on theories.
Please demonstrate evidence of wider reading and engagement with appropriate literature.
Assessment criteria to be aware of when writing the assignment:
- Logical & coherently developed narrative
- Rationale for skills chosen
- Description and critical reflection on experiences in using that skill
- Critical use of theory
- Link between theory & practice
- Evidence of wider reading and engagement with appropriate literature
- Referencing
- Presentation

Solution Preview

Professional Skills: Conflict and Negotiation

A finance manager has a very important role in an organization. This role is in relation to two major functions that include: acquisition of funds and allocation of funds. Acquisition of funds has something to do with decisions on capital structure- that is a decision on percentage of debt and equity to the company's total capital structure. A decision must be made on whether more of the capital structure will come from external sources (creditors) or from internal sources (owners or shareholders) and vice versa.
Another important decision is on allocation of funds. This has something to do with important decisions on the uses of funds - what kind of assets or other forms of investments must be made in order to attain the goals and objectives of the organization.
In the process of arriving at decisions on both acquisition and allocation of funds, the finance manager is not in a vacuum. He has to deal, coordinate, and work with the other managers in the company's functional areas such as marketing, human resource, and production. Aside from these managers there are other important stakeholders that must be taken into account - the board of directors, owners/shareholders, employees, suppliers, buyers, the government, and the general public.
Because of the importance of the role and the complexity of the situation in which the finance manager is in, situations may arise where there would be disagreements because of differences in perceptions as to: priorities, preferences, degree of risk that may be tolerated, criteria in analyzing and evaluating investment opportunities, investment venues and avenues, and other related concerns. In essence, these are manifestations of conflict.
Conflict must be managed effectively; otherwise, company performance may be adversely affected. One way of managing it is through negotiation.
The situations described earlier manifest the need for a finance manager to possess conflict management and negotiation skills.

Financial Situations in which the two professional skills would be applied and are appropriate:

1. Managing Conflict Skills
Robbins and Coulter (2001) defines conflict as a perceived incompatible difference that result in interference or opposition. In relation to the performance of the function of finance manager, the following differences and the corresponding stakeholder involved may arise:
a) Financial objective
In relation to financial objectives, conflicts may arise because some managers may be using different views as to the objective of an organization. There is the classical view which states that in an organization, the management's only social responsibility is to ...

Solution Summary

This solution provides an essay applying two professional skills, managing conflict skills and negotiations skills, to a situation.

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