Course details

Overview ?

Introduction

Planning, budgeting and cost control are critical processes for the effective management of modern corporations. Once companies’ Mission, Vision, Goals and Objectives have been identified planning, budgeting and cost control became essential components of strategy execution. This seminar is designed to enable delegates to understand the connections that operate within the management system and explore the key concepts, tools and practices. Significantly, the linkages between the financial and operational sides of the business are also likely to have an impact on the management of risks and measurement of performances.

Major highlights of the seminar include:

Understanding the management systems, as well as the financial and operating plan
Develop proper 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
Learn new best practices to integrated financial and non-financial performance measurement

Objectives

This seminar will enable delegates to:

Develop a solid understanding of the company’s management system
Understand the connections between planning, budgeting and costing
Learn costing and budgeting terminology used in business
Master traditional techniques and recent best practices
Link finance and operation for budgeting purposes and strategy execution
Learn how to build a comprehensive performance measurement system
Evaluate the various methods for capital budgeting
Measure and manage performance effectively

Training Methodology

This seminar is presented in a very user-friendly way to suit individuals with varying levels of financial knowledge and experience. The seminar will be conducted along workshop principles with formal presentations, case studies and interactive worked examples. The seminar combines theory and practice. The purpose is to use a mix of proven learning techniques to ensure maximum understanding, comprehension and retention of the information presented.

Organisational Impact

Planning, budgeting and costing awareness will be enhanced
Broadened knowledge of risk and performance management techniques
Better attitude to link cost and budgeting to strategy and performance measurement
Deeper understanding of cause and effect relationship for the planning and budgeting purposes
Better awareness of the connection between finance and operations
Delegates will develop a set of transferable skills which will improve their powers of financial planning helping the company to increase profit, improve cash flow whilst minimizing costs and risk
The new skills will help them to make more informed and hence better management decisions.
Delegates will become more aware of the importance of effective planning, budgeting and forecasting making the capital budgeting process more cost effective
The use of practical case studies and illustrations of real companies will help delegates understand how to apply different planning, forecasting and analysis techniques in a work situation.
The knowledge gained can be shared amongst other departments of the company to improve the financial culture of the entire organization.

Personal Impact

As delegates, you will:

Develop an understanding of the company’s management system and its links with planning, budgeting and costing
Be able to make more informed decision and hence better planning, budgeting and costing
Make improved capital budgeting decisions
Be better placed to liaise effectively with other departments on matters of finance and budgeting
Learning to evaluate the usefulness of the different costing techniques in accurately calculating and ensuring profitability
Reinforce your leadership and expand your knowledge by linking budgeting to strategy and performance measurement
Broaden your understanding of the business by linking financial and operational issues

Who Should Attend?

This seminar is suitable for:

Non-financial and financial personnel
Managers and those with financial responsibilities
Decision makers, whose understanding and skills will improve through attendance
Professionals acting upon the financial decisions of others, who will gain an appreciation for decision making
Any professional, irrespective of the organizational position, willing to improve awareness on planning, budgeting and cost control

Programme Outline

Day 1 - Strategic planning and the management systems

Strategic Planning within the context of the company’s management system
The Objective of the Firm – meeting Shareholder & Stakeholders Objectives
The key contents of the Strategic Plan
SWOT analysis
Linking strategy to operations
What is happening in your company?

Day 2 – Preparing & Managing Budgets to support the Financial Plans

The Financial Statements – key concepts and documents
Definition of Budgets
The Budgetary Process
Types of Budgets (Fixed, Flexible, Incremental, Zero Based, Activity Based Budgets)
The Purpose/Benefits & Problems/Limitations of Budgets
The role of variance analysis

Day 3 – Controlling costs and resource expenses

Cost analysis and control
Key cost terms and concepts
Cost behavior – fixed and variable costs
Break Even Analysis and contribution analysis
Cost allocation – direct and indirect costs
Activity Based Budgeting/Costing (ABB, ABC)

Day 4 – Capital Budgeting

Capitalized vs. period costs
Capital budgeting
Payback period
Net-present value
Internal rate of return
What is it the situation in your organization?

Day 5 – Integrated Financial & non-Financial Risk Management

Integrated Risk Management
Types of Risk – Financial and non-Financial
Identifying Risk – SWOT Analysis
What is the situation in your company?
The Risk Management process
Linking risk management to planning, performance measurement and reporting

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Day 5

Training Methodology

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