Budgeting, Forecasting & the Planning Process هذه الدورة تدرس باللغة الإنجليزية قرية المعرفة, دبي

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Course Overview

Introduction

A good plan should begin with a good forecast, which in turn, may lead to a good budget. A strategy is the long-term plan of what the company is going to do to achieve its policy. The budget is the short-term plan of how strategies may be achieved. It is a quantification of the activities the company must develop to achieve its short-term plans. This leading-edge course explains:

• The planning and budgeting process from beginning to end
• Budget development
• How alternative decisions affect the ‘bottom line’ in terms of both profit and cash flow
• Comparison of variances in actual performance against the plan and what these budget variances are saying and how they should be used to control financial performance
• The use of Excel® as the toolbox of choice for financial model development, used within this course to develop forecasts, and long- and short-term plans.

Objectives

The objectives of the seminar are to enable delegates to:

• Develop strategic thinking, and use the strategic management process to develop missions and objectives and carry out strategic analysis and decision-making
• Understand the relationship between financial planning, forecasting, and budgeting and integration of the strategic management process with the budgeting cycle
• Understand cost behaviour, the use of alternative costing systems, and cost/volume/profit (CVP) analysis, and develop and prepare an operating budget and how it may be funded using the alternative sources of finance
• Use various Excel© models to forecast sales pricing, optimal product mix, long- and short-term sales levels, and build financial growth planning models and traditional and activity based budget models, and improve budget accuracy
• Use the techniques of budgetary control: development of product standards, flexed budgets, and variance analysis and use of the results of variance analysis to improve operational performance
• Determine a company’s cost of capital and use the technique of discounted cash flow (DCF) for capital budgeting and evaluation of capital project investment, and risk analysis using the techniques of sensitivity, simulation, and scenario analysis.

Training Methodology

The seminar is conducted along workshop principles with formal presentations, case studies and interactive worked examples. Relevant examples and case studies are provided to illustrate the application of each of the topics covered. Each learning point is reinforced with practical examples and exercises. Difficult mathematical concepts are minimised wherever possible and handled in a visual way that is easy to understand with numerous illustrative examples.

Organizational Impact
The organisation will gain through:

• The development of managers being able to think strategically
• Increased awareness of the importance of effective forecasting and budgeting
• Strategic management techniques that will help managers make more informed and therefore better management decisions
• Use of techniques that will support the company in its more effective planning and budgeting of its operations, capital investment projects, and cash flow
• Use of techniques to forecast sales revenues and cash flows that will help the company in its day-to-day management, and development of long-term plans
• The sharing of knowledge gained throughout other divisions and departments of the company.

Personal Impact
Delegates will develop an understanding of:

• The use of Excel© tools to develop strategic financial models, forecasts, and budgets.
• The relationship between the strategy, the forecast, and the budget.
• How to further develop your professional skills
• How to make more informed and therefore better decisions
• How to make improved budgeting decisions which will increase your effectiveness within your organisation.
• How to be better placed to liaise effectively with other professionals on forecasting, planning, and budgeting issues.

Who Should Attend?

Forecasting and budgeting are essential skills that should be acquired at the appropriate level by all the professionals in an organisation, in particular:

• Financial professionals, finance controllers, treasurers and inventory professionals
• Senior professionals with a direct responsibility for financial management and control
• Accountants, sales and purchasing professionals and those responsible for relationship with banks
• Any professional, at junior or senior level, who is a part of the financial decision- making team
• New interns and trainees with finance-related responsibilities
• Department heads, process owners, administrative personnel associated with budget management, financial and technical professionals, sales and marketing professionals, project professionals, and anyone who needs to understand how to develop cost projections for their department, projects