Today, external factors have an increasing impact on the financial manager. Heightened corporate competition, technological change, volatility in inflation and interest rates, worldwide economic uncertainty, fluctuating exchange rates, tax law changes, and ethical concerns over certain financial financial dealings must be dealt with almost daily. As a result, finance is required to play an ever more vital strategic role within the corporation. The financial manager has emerged as a team player in the overall efforts of a company to create value. The "old ways of doing things" simply are not good enough in a world where old ways quickly become obsolete. Thus, today's financial manager must have the flexibility to adapt to the changing external environment if his or her firm is to survive.
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