Fiscal management

Fiscal management refers to the management of an organization’s financial resources, including revenue collection, budgeting, and expenditure. It involves making decisions about how to allocate financial resources in order to achieve the organization’s objectives and maintain fiscal stability. This includes ensuring that the organization has enough revenue to meet its expenses, controlling public debt, and implementing fiscal policies to support economic growth and development.

Beginner competence definition

A beginner in fiscal management may struggle to understand the basic concepts of financial management such as budgeting, forecasting and financial analysis. They may lack the ability to accurately track and report financial performance, and may not fully understand the importance of creating a plan to manage financial risks. They may also have difficulty with decision-making and might struggle to make informed financial decisions that align with the organization’s goals.

Intermediate competence definition

An intermediate-level individual understands the basic concepts of financial management such as budgeting, forecasting, and financial analysis. They can accurately track and report financial performance and can recognize the importance of creating a plan to manage financial risks. They have some level of problem-solving skills and can use these to make informed financial decisions that align with the organization’s goals.

Advanced competence definition

Advanced individuals understand the basic concepts of financial management such as budgeting, forecasting and financial analysis, and also proactively anticipate future financial needs, taking steps to address them. They have exceptional skills in tracking and reporting financial performance and developing a plan to manage financial risks. They possess a deep understanding of financial management and can use this knowledge to anticipate and adapt to the needs of different individuals and situations. They can navigate complex situations to deliver high-quality results and exceed expectations. They have a strong sense of accountability and are able to take ownership of their work and deliver results under pressure. They have a strong understanding of financial analysis and can use this to make informed financial decisions that align with the organization’s goals. They can anticipate and adapt to changes in the financial environment and can create a culture of financial management within the organization.