Please provide a discussion response to the below discussion citing the reference below in the text of your response.

Understanding balance sheets, income statements and cash flow statements has not only expanded my knowledge of basic business finances, but also demonstrated their practicality in our government context. The present value and future value concepts, for instance, are particularly applicable, allowing us to calculate money for time (Siciliano, 2014). By weighing the option of managing debt against interest rates and determining what will generate the most revenue, we can make more informed financial decisions. This basic knowledge can also be leveraged to enhance our understanding of investing and returns.

Working for the government provides a unique set of circumstances where many financial tools are not applicable. In finding ways to apply this information to that situation, several opportunities may not produce a profit but can provide vital information. Ratios are a category I can utilize with various teams within our department. We can utilize key performance indicators (KPIs) to provide metrics and data regarding a specific goal or problem (Siciliano, 2014). An example of this is response time to calls for service, the time it takes an officer to arrive on the scene from when the initial call was made to 911. Benchmarks and standards are associated with response times, so metrics can provide information if the department meets expectations.

Utilizing net present values and internal rate of return will be helpful when approaching new initiatives within the department and the city. Technological advancements provide opportunities for officers to work more safely and efficiently. When I began in law enforcement, we wrote paper citations for traffic violations. This process can be time-consuming due to filling out the citation by hand, dangerous due to standing on the side of the road while vehicles are driving by, and weather dependent as we could not write tickets in the rain or if temperatures were freezing, our pens would stop working. I was not part of the initiative to move to electronic ticket writers; however, I can see how formulas like the net present value could assist in determining if the cost of the new technology was worth the investment. Factoring in the issues I stated before, specifically in the amount of time it takes to write a ticket by hand versus an electronic ticket writer, the number of tickets would increase, resulting in more revenue for the city. Moving forward with future initiatives, I will utilize some questions Siciliano (2014) proposes regarding the additional cost of maintenance, an item's life span, replacement value, and times when those costs may occur.

References

Siciliano,G. (2014).Finance for nonfinancial managers(2nded.). McGraw Hill Professional.