Budgeting, Forecasting and the Planning Process

Course Overview

This Budgeting, Forecasting and the Planning Process training course provides the theoretical basis and necessary skills to develop world class strategic planning, forecasting, and budgeting processes. A strategy is a long-term plan of what an organisation is going to do to achieve its overall policy. It will enable the participants to develop a framework that links strategies to annual budget and targets and aims for world class levels of management and organisational performance.

A budget is a short-term plan of how an organisation quantifies the operational activities required to achieve its long-term strategy. It will provide the participants with the skills and forecasting techniques to develop a budget as a plan and use control budgets and analysis of variances to actual to identify areas in which financial performance may be improved.

Course Objectives

After the training course, the participants will learn to:

• Understand how to improve the ability to think strategically and participate in the integration of the organisation’s strategic management and budgeting processes
• Know how to use forecasting techniques most appropriate to their organisation’s strategic planning and budgeting
• Apply the techniques that relate to the key principles of financial management: shareholder wealth maximisation; cash flow; time value of money; risk
• Appreciate the behavior of costs and identify the costing methods that may best be used in financial planning, budgeting, and budgetary control
• Understand how to use best practice to develop operating budgets, capital expenditure budgets, and cash flow budgets and forecasts in line with organisational strategic objectives

Target Audience

This training course is designed to be appropriate for anyone involved in budgeting and planning in companies, corporations, and governmental, education, and health service organisations. It is equally valuable for those working in finance and accounting, costing, and treasury departments, and all other financial and non-financial professionals who have budget responsibility or are involved in the planning process.

It is suitable for a wide range of working professionals, including (but not limited to) the following:

• Line Managers
• Project Managers
• Professional Advisers and consultants who would like to further develop their strategic thinking and decision-making, and refresh and update their skill sets relating to planning, forecasting and budgeting, and their linkages

Training Methodology

This training course will combine the presentation of analytical techniques, examples and case studies. Relevant worked examples will illustrate the learning points and tools and techniques in a real-world environment. Group discussion will promote exchange of experiences and ideas.