Traditionally, the study of financial decision making in law enforcement and criminal justice entities has been approached from the perspective of tax revenues and budgeting that focus only on the past and present. Capital investments of cash flow provide future benefits to all organizations, and among courses in business administration, these notions of long-term financial management are critical to a sound understanding of organizational finance. Strategic Finance for Criminal Justice Organizations examines capital budgeting techniques from a quantitative perspective that targets the strategic future of revenues within the criminal justice and law enforcement sectors.
Explaining capital budgeting concepts through the use of practical examples, this volume discusses: Economics and the use of money as a tool to facilitate the exchange of goods and services Human decision making, impediments to rendering objective decisions, and methods for improving decision objectivity The consequences of making capital budgeting decisions, the concept of risk, and the time value of money The rendering of decisions using the payback time method and the mathematical formula necessary to use it The concept of discounting and decision rules for net present value How to make an internal rate of return financial decision The mathematical formula for the profitability ratio/index method and using it to make financial decisions In all organizations, it is essential that financial decisions are made through informed insight considering all relevant factors. This volume contributes to improvements of the skills that are required to robustly render beneficial, long-term strategic decisions within the law enforcement and criminal justice environment.
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Summary
Strategic Finance for Criminal Justice Organizations
Introductory Concepts The Concept of Money Formative US Transactions Nineteenth-Century US Transactions Contemporary US Transactions Considerations of the Money Concept Categorization of Decisions Chronological and Risk Aspects of Decisions An Integrative Perspective Models and Simulations Black Market Decisions Legal Market Decisions Integrative Observations Capital Budgeting Concepts Concepts of Decisions Objective Decisions Impeding Factors Group Decisions: Cardinality and Groupthink Bounded Rationality and Satisficing Stress Decision Style and Capacity Risk Countering Impediments Group Dynamics Brainstorming Nominal Group Technique Delphi Technique Groupware Systems Approach Neural Networks Scenario and Sensitivity Analysis Integrative Perspective Financial Management Decisions The Attributes of Financial Relationships Methods of Financing Organizations Bond Debt Stock Equity Loans and Credit Taxation Grant Funding Goodwill and Charitable Funds Insurance Policies Confiscation, Seizure, and Forfeiture of Assets Value-Added Concepts Contexts of Prisoner Labor Contexts of Work-Release Programs Contexts of Recidivism Integrative Financial Management Tools of the Trade: Making a Decision The Time Value of Money Concepts of Future Value and Present Value Future Value Present Value Considerations of Rate Determining the Rate Variable Determining the Time Variable Comments Regarding the Time Value of Money Foundational Understanding Capital Budgeting Methods It Is Time for Payback: The Payback Time Method Payback Time Method Application of the Payback Time Method Single Investment Initiative Mutually Exclusive Investment Initiatives Multiple Capital Investment Initiatives Discounted Payback Method A Present for the Present: The Net Present Value Method Net Present Value (NPV) Method Application of the NPV Method Multiple Capital Investment Initiatives Accepting Multiple Initiatives Advanced NPV Considerations How Do We Rate? With the Internal Rate of Return Internal Rate of Return (IRR) Method Application of the IRR Method Accepting Multiple Initiatives Advanced IRR Considerations Chapter Comments and Summary Red or Black? The Profitability Index Method Profitability Index (PI) Method Application of the PI Method Accepting Multiple Initiatives Advanced PI Considerations Putting It All Together! Let's Make a Decision Accepting Multiple Initiatives Advanced Capital Budgeting Considerations Chapter Comments and Summary Day and Night Shifts: Integrating the Concepts Benefit-Cost Ratio Concepts Leasing versus Purchasing Concepts Scenario Analysis Concepts Sensitivity Analysis Concepts Break-Even Analysis Concepts Complements, Not Competitors The Slammer: Concluding Remarks Afterword Appendices Index
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