Final answer:
Financial management involves planning, organizing, and controlling financial resources. It helps measure the performance and position of a sports organization.
Step-by-step explanation:
Basic Concepts and Techniques of Financial Management
Financial management involves the planning, organizing, and controlling of financial resources in order to achieve organizational goals. It includes activities such as budgeting, financial analysis, investment decisions, and risk management.
Relevance in Measuring Performance and Position of a Sports Organization
In the context of a sports organization, financial management helps in measuring the performance and position by providing quantitative information about revenue, expenses, profitability, and financial health. This allows for evaluating the efficiency and effectiveness of the organization's operations, making informed decisions, and ensuring financial sustainability.