This course offers a comprehensive budgeting for performance management training course. This training course on budgeting for performance management stresses the fact th…
This course offers a comprehensive budgeting for performance management training course. This training course on budgeting for performance management stresses the fact that every organisation has an obligation to allocate scarce resources to create and deliver value for most of its stakeholders. In profit making industries, it translates to creating value for customers and shareholders; in government or public sector, it means the efficient delivery of value for money services to clients using economy and efficiency. Successful organisations achieve these strategic objectives through a performance management framework that integrates budgeting and cost management as its primary constituents.
The budget is used as an instrument through which high-level strategic long-range plans can be converted into operational details for implementing and executing organisational strategy. Additionally, cost management is the backbone of an effective system for the allocation of scarce resources to key processes, products, and services in order to maximise value creation for customers, clients, shareholders, and funding suppliers. This cutting-edge course addresses very recent proceedings of both budgeting processes and approaches to cost analysis and management.
Key highlights of this course will include:
The evolution of vision and goals into winning strategiesThe role of budgeting and cost management in organisational successTraditional and modern approaches to cost analysisBusiness analytics and forecasting methods for budgetingOptimisation of budget reporting for effective managementBeyond budgeting and other recent developmentsBy the end of the course, participants will be able to:
Objective:
At the end of this training course on Budgeting For Performance Management, attendees will be able to:
Know how budgeting fits into performance managementIntegrate financial and non-financial measures into budgetingUnderstand and contrast the different costing modelsBecome adept in conventional and modern budgetingEngage in strategic cost management and cost reduction.WHO SHOULD ATTEND?
This Budgeting For Performance Management training course is suitable to a wide range of professionals:
Divisional managersPlanning managersBudgeting officersFunctional managers and team leadersFinancial professionalsHead office reporting team membersHow will attendees benefit?
The Budgeting for Performance Management training course will equip the attendees with practical tools and techniques for aligning budgets and organisational goals. An attendee will understand how to develop performance-based budgets, monitor financial results against targets, and make decisions that will guide them in optimising resource allocation.
Managers will develop essential skills associated with linking financial planning with strategic objectives for driving operational efficiency while holding teams accountable for results. The course also equips managers with advanced skills in forecasting, variance analysis, and performance reporting to increase their strength in effectively contributing to the overall success of their company.
Moreover, it instills in them the needed confidence necessary to engage their stakeholders in an understandable yet persuasive manner when communicating budgetary issues and performance metrics. That is vital in a leadership role.
Budgeting and Business Performance Management
Creating value for key organisational stakeholders
Business Performance Management (BPM) frameworks
The fundamentals of competitive strategy
The vital role of budgeting and cost management in BPM
Principles of financial and management accounting
Key financial measures of value creation
Using strategy maps to integrate non-financial measures
Cost Planning and Cost Management
Defining and understanding cost behaviour
The role of costing in performance management
Traditional costing: absorption costing
Traditional costing: marginal costing and break-even analysis
Traditional costing: standard costing control frameworks
Developments in costing: Target and Kaizen costing
Developments in costing: Activity Based Costing (ABC)
A strategic approach to cost management and reduction
Steps and Techniques in Budget Preparation
Forecasting techniques for budgeting
Business Intelligence and budgeting
Diagnostic and predictive analytics for budgeting
Statistical tools and techniques in sales forecasting
Statistical tools and techniques for cost forecasting
Steps in the budgeting process
Budgeting and managing capital expenditure (CapEx)
Cash flow forecasting and budgeting
Styles and approaches to budgeting
Human and behavioural aspects of budgeting
Using Budgets to Monitor and Manage Performance
Principles of Responsibility Accounting
Variance analysis and performance management
Standard costing and cost management
Using data analytics to find the root cause of variances
Data visualisation techniques for financial reports
Designing budget reports
Dashboards and their use in performance management
Designing tactical dashboards for budget management
Beyond Budgeting to Adaptive Management
Shortcomings of traditional approaches to budgeting
Beyond Budgeting case study
Moving towards decentralised performance management
Replacing budgets with rolling forecasts
Using key driver forecasts for risk management
Using balanced scorecard to manage Key Performance Indicators
Why traditional budgeting still has a key role to play
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Arab Training Institute
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Arab Training Institute
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