BUDGETING, FORECASTING AND THE PLANNING PROCESS

Introduction:

Budget preparation and planning are two of the most important tasks for any profit or non-profit making organization. Budgeting helps the company to provide a schedule for projected spending which can be easily contrasted with real expenses. Budgeting therefore acts both as a strategy tool as well as a monitoring device. Budget preparation and planning require a range of expertise and extensive technical experience to ensure that the drafting process is effective in the future and that financial plans remain stable and long-term sustainable.

Budgeting, Forecasting and the Planning Process workshop is a structured curriculum that incorporates the critical skills needed to evaluate and appreciate the entire process of budgeting, forecasting and planning through various organizational frameworks. The workshop discusses all significant issues related to writing & executing budgets, forecasting, planning, cost analysis and assessing performance.

Course Objectives:

At the end of this workshop, participants will be able to:

• Develop an organized method of budgeting, forecasting, planning and reporting
• Recognize the behaviors of costs more specifically
• Provide decision-makers with more accurate and valuable information
• Explain methods such as balanced scorecard, variance analysis and rolling forecasts to implement the plan
• Utilize sophisticated costing approaches to understand cost actions and allow for strategic decision taking to assess product and consumer benefit
• Develop budgeting/financial skills needed to make informed decisions

Course Outlines:

Day 1: Budgets and Modern World Policies

• The organizational Strategy System
• The relationship between budgeting, forecasting, planning and measuring efficiency
• Strategic, operational & strategic forecasts
• Strategic business planning strategy

Day 2: Strategic Management & Planning

• Strategic skills and strategic advantage
• Tools for strategic analysis: PESTLE, Porter’s Five Forces & SWOT
• Techniques and methods with which to devise efficient strategies
• Balancing goals for stakeholders & assessing value for shareholders
• The system for a balanced scorecard

Day 3: Active Forecasting Methods & Tools

• Basic techniques of forecasting
• Sales revenue & causal plan influences on sales revenue
• Projected revenues: Trend & Seasonal Variation
• Analyzing time series
• Predicting costs by linear regression; using correlation
• Preference between methods for pricing: value dependent, cost dependent
• Price based marketing, cost control & differentiation.
• Using strategy clock for pricing

Day 4: Cost Planning

• Behaviors of profit and cost
• Variable, fixed, indirect and direct costs
• Chart on Cost-Volume-Profit (CVP)
• Absorption, costing both normal and marginal
• Costing dependent on usage
• Effectively reducing and minimizing prices

Day 5: Framework for Financial Management and Budgeting

• Tools for building strategy; strategy maps
• Budgets, Financial Plans and Policy
• Budgeting objectives; measures to plan budgets
• Accounting liability and variance review
• Budgeting dependent on usage

Who Should Attend?

• Finance-savvy experts
• Individuals involved in strategic planning and taking decisions
• Specialists with duties relate to accounting
• Project & Line Managers
• Professionals who engage in strategic planning and decision taking
• Professionals who need a better understanding of the integrated planning and budgeting techniques
• Tax consultants and financial analysts
• Anyone involved in budgeting, forecasting and planning

Delivery Method: Lectures, discussions, syndicate work, case studies, role – play and group exercises. Audio – Visual aids will be used to reinforce these training and learning methods.

Venue: Dubai

Fee: $5,000.00

Duration: 1 Week

Date: Apr 3 – 7^th 2023