Strategic Planning, Effective Budgets and Cost Control

Course Objectives

By the end of the course, participants will be able to:

Acquire best practices in budget preparation

Identify the importance of linking budgets to the organization's strategic plan

Explain the relationship of the budget to key financial statements: the balance sheet, income statement, and cash flow statement

Prepare the key elements of operating and capital budgets and evaluate different approaches to budget preparation

Apply cost control tools, analyze various management reports, and take appropriate corrective actions

Understand the strategic role of cost concepts and explain cost concepts for using cost information for management control

Describe the role of budgets in the management process and discuss the importance of strategy and its role in the master budget

Understand the zero-based, activity-based, and kaizen approaches to budgeting

Develop flexible budgets to evaluate short-term financial performance

Identify various cost control measures and explain the essence of cost control systems Control

Leveraging Emerging Technologies to Achieve Operational Excellence

Target Audiences

Those responsible for developing and leading strategic changes

Those responsible for financial planning and control

Leaders of operational teams in the public or private sector

Employees responsible for budgeting and financial controls

Non-financial managers with financial responsibilities

Target Competencies

Writing Reports in Correct Financial Terminology

Budgeting and Cost Analysis

Traditional vs. Advanced Techniques in Cost Control

Master Budgeting, Flexible Budgeting, and Variance Analysis

Beyond Budgets: Balanced Scorecards