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Creativity in finance - Essay Example

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Creativity means the practice of doing things differently from the conventional patterns, changing the processes and shifting from the traditional decision making processes in financial management. Activities are carried out differently within an organization with the managers…
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Creativity in finance
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Download file to see previous pages The financial managers develop a wide range of choices that are suitable for the solving financial problems, through getting detached from the former theories that were taken as the basis for solving problems involving finances. The previous limitations in regard to problem solving are not paid attention to. It is characterized by uniqueness in the ideas generated.
According to Shirur (2003 p 67), creativity involves spawning, putting into operation and communication of the inventive ideas to others in the financial system. It takes place when people are capable of organizing their opinions in a manner that eventually directs them to an improved appreciation of the subject matter. Julier and Moor (2009 p 112) further argues that creativity is a course of action whereby those who make financial decisions develop sensitivity in regard to financial issues. They focus on the major financial drawbacks, insufficiency, knowledge gaps, the lacking components, dissonance and such issues that hamper financial advancement, and establishing their complexity, identifying a viable solution, making appropriate presumptions or preparing a hypotheses in regard to the shortages, trying them and eventually reporting to the stakeholders. In general, creativity is meaningful to finance. This essay is a critique of this meaning, and how creativity could affect the processes and products in finance.
Innovation is crucial in the organizational processes since it brings in new and better ways of improving the financial management of an organization. It also propels the organization towards accomplishment of strategic objectives for improvement of profitability. According to Proctor (1995 p 76), creativity is the origin of innovation. He defines innovation as putting in to practice creative ideas in order to improve the competitiveness of an organization, ...Download file to see next pagesRead More
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