This workshop on forecasting and budgeting course will equip you with the most up-to-date forecasting and budgeting skills for any organization, whether it be in the commercial, public or Non-For-Profit sector. In this forecasting and budgeting course you will learn how to implement forecasting techniques using a range of statistical methods. You will learn how to prepare accurate budgets by applying robust forecasting techniques. This forecasting and budgeting workshop will enable you to set budgets for cost centers, profit centers, departments, operating units of any size and indeed, for entire organization so as to mitigate the financial risk from poor planning.
At the end of this workshop you will learn to:
- Forecast using techniques that are deemed current best practice.
- Forecast using a range of statistical methods.
- Identify relevant components within historical data for making a forecast.
- Set a budget using robust forecasting techniques.
- Develop a budget for each of the financial statements – Profit & Loss Statement, Balance Sheet, and Cash Flow Statement.
- Develop budgets for cost centers and profit centers.
- Develop budgets for departments and organizations.
- Calculate and interpret variances for taking corrective action.
- Identifying the cause for unfavorable variances.
- Project cash flow levels to mitigate financial risk.
- Determine the financial viability of making a capital investment based on project income flows.
- Understand how to calculate an internal rate of return from a capital investment.
This highly interactive workshop will use a variety of proven adult learning techniques to ensure maximum understanding, comprehension and retention of the information presented. These include the following:
- Introduction to the main tools and techniques
- Case examples of the main challenges and their solutions
- Group work on specific issues and situations
- Discussion of specific in-company issues
- Preparation of a personal action plan for each delegate
In addition the workshop leader will illustrate the discussions with real-life examples and situations in which he has been personally involved.
Budgeting is essential for all functions of an organization and smart budgeting leads to optimum management. Professionals from different levels of the following departments can attend this workshop:
- Accounts & Finance Department
- Marketing department
- Operations Department
- Business Analysts
- Admin & Secretarial Professionals
- IT Support & Services Department
- Professionals interested in improving their knowledge of Budgeting and Forecasting
Business Planning Framework
- Planning rationale & concepts
- Strategic Planning Process
- Difference between a budget & forecast
- 6 Principles of planning & forecasting
- Planning & forecasting methodology
- Fragmental Functionally Focused Vs. Integrated Cross Functional
Building a Plan Based on:
- Analysis of internal & external environment
- Budget assumptions – analysis & challenges
- Discussions & sharing
- How to build sales budget
- How to build cost of sales budget and margins
- How to build expenses budget
- How to build a capital budget
- How to build, plan or forecast P & L and cash flow budget
- Parameters of a acceptable budget or plan
Monitor Performance & Performance Variance Analysis
Case Studies (Based on Real Cases)
- Why budget & forecast fail?
- What is a realistic budget?
- Discussion – delegates’ action plans for applying the workshop learning