Budgeting and Forecasting
(Durations of Courses: 1 Day)
This course is aimed at developing a range of skills and techniques to enable delegates to apply the fundamentals of budgeting and forecasting.
The objectives of the course are:
- To show the link between the corporate plan and operational budgets.
- To define the techniques of setting budgets and forecasts.
- To demonstrate the use of budgets and forecasts as business tools.
Budgets in Context
- Defining budgets and budgeting
- The benefits of budgeting
- Setting Budgets
Translating the corporate plan into business goals
- Setting targets and objectives
- Budgeting from a zero base
- Using financial tools
- Monitoring actual results against budget
- Interpreting and using variances
- Setting indicators for maximum benefit
Forecasts as a Management Tool
- The use of forecasts and why they are nearly always wrong
- The areas and items to be included
- Accuracy versus materiality
Action planning and feedback