$1.$ "Working capital management involves optimizing current assets and liabilities to ensure that the firm has sufficient liquidity. Optimization includes generating cash flow from the working capital components" $($AFP$,$ Essentials of Treasury Mgt$.,7$th$,2022,$ p$307).$ Discuss and explain this in relation to the day$-$to$-$day operations of the firm as well as the general role and objectives of treasury management.