This Budgeting, Planning & Management Reporting training course provides participants with key cost awareness and budgetary skills, which are essential for managing and controlling resources in times of increasing global competition where the budgets are inextricably linked with both the achievement of strategic objectives as well as with evaluation of future and initiatives.
Budgeting lies at the heart of business management, yet businesses often encounter planning and financial difficulties as a result of either inadequate planning, lack of understanding of the business, or errors within the compilation of the budgets. Ineffective management reports heighten the challenge in collating inputs to the budget and use of budgeted information.
In addressing these issues, this training course is relevant for those professionals & analysts facing the difficult challenge of improving performance while reducing costs of those processes for which there are accountable.
This Energy Training Centre training course enables participants to:
- Link budgeting and costing with strategy execution
- Understand the critical factors which have an impact on business processes
- Discuss about modern system of cost analysis for budgeting purposes
- Master the budgeting and financial skills required for better decision-making
- Identify sources of financial and operational data to support the budgeting process
- Explore the best practices required to manage the multiple organizational performances
By the end of this Budgeting, Planning & Management Reporting training course, you will be able to:
- Link budgeting and costing with strategy execution
- Understand the critical factors which have an impact on business processes
- Discuss about modern system of cost analysis for budgeting purposes
- Master the budgeting and financial skills required for better decision-making
- Explore the best practices required to manage the multiple organizational performances
This Budgeting, Planning & Management Reporting training course will be conducted along workshop principles with formal lectures, case studies and interactive worked examples. Relevant case studies will be provided to illustrate the application of each tool in an operations environment. Each learning point will be re-enforced with practical exercises.
- Cost and budgeting awareness will be enhanced
- Higher chances to design or select a budgetary system that works
- Broadened knowledge of performance management techniques
- Better attitude to link cost and budgeting to strategy and performance measurement
- Deeper understanding of cause and effect relationship for budgeting purposes
- Better awareness of non-financial implications of budgeting and cost management
- Delegates will understand the budgeting methods most useful to them
- They will understand how to construct a relevant and efficient budget
- They will learn to evaluate the usefulness of costing techniques in accurately calculating and ensuring profitability
- They will reinforce and expand their knowledge by linking budgeting to strategy and performance measurement
- They will broaden their understanding by linking financial and operational issues
This Budgeting, Planning & Management Reporting training course is suitable for a wide range of professionals but will especially benefit:
- The staff person who will be responsible for entering data into the budget system or training others how to enter information
- Those who want to gain control of the firm's financial standing and obtain a firm grasp on the numbers side of their job
- Financial Professional, Professional R&D, Sales/Marketing Professional, General Accounting Professional, Business Unit Professional
- Anyone who wants to refine and advance the budgeting and costing knowledge
Day One: Planning Strategy and Corporate Governance
- What are planning strategies?
- Strategy analysis, choice & implementation
- The role of strategy maps in defining the business
- Effective and less effective management reporting practice
- The agency problem and corporate governance
- Planning requirements and the importance of working capital
Day Two: Forecasting Techniques for Budgeting
- Determine the purpose and objective of the forecast
- Statistical analytical tools
- Quantitative analysis and forecasting
- Forecasting techniques
- Agency problems in forecasting- solutions
- Causal analysis models – regression analysis
- Using Excel® to analyse historical data
Day Three: Budgets, Costs and Budgetary Control
- Why do we budget? – the purposes of budgeting
- Planning and control
- Putting the budget together
- Cost behaviour and classification
- Cost / volume /profit (CVP) and ‘what-if’ analysis
- Standard costing
- Flexed budgets
- Variance analysis and the reasons for variances
Day Four: Activity Based Costing & Activity Based Budgeting
- Activity based costing (ABC)
- Refinement of the costing system
- ABC and cost management
- The cost hierarchy and cost drivers
- Advantages and disadvantages of ABC systems
- From traditional budgeting to activity based budgeting (ABB)
- Time-based ABC for services organisations
- Motivation and the behavioural aspect of budgeting
Day Five: Performance Management and Beyond Budgeting
- Broadening performance measurement systems
- The Drive toward Shareholder Value (EVA®)
- Beyond budgeting: integrating financial and non-financial issues
- Introducing the Balanced Scorecard and the key perspective
