Budgeting For Performance Management

This GLOMACS training course on Budgeting for Performance Management is focused on the imperative facing all organisations to allocate scare resources to create and deliver value to their key stakeholders. In profit making businesses this means creating value for customers and shareholders; whilst in the government and public sectors this means effectively delivering ‘value for money’ services to clients with economy and efficiency. The most successful organisations achieve these strategic goals within an effective performance management framework in which budgeting and cost management have key roles to play.

Budgets are the tool with which strategic high level long-term plans can be translated in to detailed operating plans, which facilitate the implementation and execution of organisational strategy.  Cost management is at the heart of an effective system for allocating scarce resources to key processes, products and services to maximise the value created for customers, clients, shareholders and funding providers. This leading edge course will focus on recent development in both the budgeting process, and the approach to cost analysis and management.

This course will feature:

• How vision and goals are converted in to winning strategies
• Budgeting and cost management’s role in organisational success
• Traditional and advanced approaches to cost analysis
• Business analytics and forecasting methods for budgeting
• Optimising budget reporting for effective management
• Beyond Budgeting and other recent developments

At the end of this Budgeting For Performance Management training course, delegates will be able to:

• Understand now budgeting fits in to performance management
• Combine financial and non-financial metrics to budgeting
• Understand and compare different approaches to costing
• Master traditional and advanced approaches to budgeting
• Apply a strategic approach to cost management and reduction

This Budgeting for Performance Management training course is designed as a highly participative workshop to provide delegates with the opportunity to apply the key principles and techniques of budgeting and cost management..

This training course will utilise a variety of proven adult learning techniques to ensure maximum understanding, comprehension and retention of the information presented. This includes:

• Discussions and opportunities for delegates to share experience
• Application of key principles to realistic case studies
• Hands on practice with Excel forecasting tools

• Better organisational alignment with strategy
• Cost and budgeting awareness will be improved
• Improvements to budgeting techniques and outcomes
• Broadened knowledge of performance management techniques
• Awareness of linking financial and non-financial key metrics
• Knowledge of techniques for cost management and reduction

• Better understanding of budgeting philosophies and methods
• Practical skills in forecasting and cost analysis
• Raised awareness of organisational critical success factors
• Development of strategic thinking and management
• Valuable skills in developing Key Performance Indicators

Budgeting and cost management are at the heart of organisational performance management; managers involved in any part of this process will benefit from attending this leading-edge training course.

This Budgeting For Performance Management training course is suitable to a wide range of professionals but will benefit:

• Divisional managers
• Planning managers
• Budgeting officers
• Functional managers and team leaders
• Financial professionals
• Head office reporting team members

DAY 1

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

DAY 2

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

DAY 3

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

DAY 4

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

DAY 5

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

In Association With

Oxford Management Centre

A GLOMACS - Oxford Management Centre collaboration aimed at providing the best training services and benefits to our valued clients.

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All rights reserved. Any unauthorized copying, distribution, use, dissemination, downloading, storing (in any medium), transmission, reproduction or reliance in whole or any part of this course outline is prohibited and will constitute an infringement of copyright.

P.O. Box 74653, Dubai, United Arab Emirates
Tel : +971 - 04 - 425 0700, Fax : +971 (04) 425 0701, Email : info@glomacs.com