Business Partnering, the very essence of Financial Planning & Analysis (FP&A), continues to prove one of the most challenging aspects of the FP&A professional’s role.
A definition of quality is “a distinctive characteristic possessed by someone.” The work of FP&A practitioners focuses on thinking and learning about how financial activities – earning revenues, incurring costs, generating cash flows – affect organizations. The thinking and learning about this relationship require a mindset that creates results.
An important characteristic of FP&A practitioners is a commitment to continuous improvement. There are a number of ways for FP&A practitioners to commit toward improving their work. For me, one of the ways I commit to continuous improvement is reading books.
In his book THINKING, FAST AND SLOW Daniel Kahneman describes two schools of psychology within the study of decision making. Clinical psychologists advocate the use of methods like heuristics (rules of thumb) and intuition for making decisions. Statistical psychologists, on the other hand, advocate the use of methods like simple algorithms or formulas for making decisions.