Course Description

INTRODUCTION

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.

Objectives

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

Course Outline

Day 1

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 2

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 analyze historical data

Day 3

Budgets, Costs and Budgetary Control

Why do we budget? – the purposes of budgeting

Planning and control

Putting the budget together

Cost behavior and classification

Cost / volume /profit (CVP) and ‘what-if’ analysis

Standard costing

Flexed budgets

Variance analysis and the reasons for variances

Day 4

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 organizations

Motivation and the behavioral aspect of budgeting

Day 5

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