BUDGETING, FORECASTING AND PLANNING PROCESS

SYNOPSIS: Do you know the cost related with every area you oversee? Do you fully understand the financial impact of your economic decisions?  Are you conversant with ins and outs of forecasting and budgeting?

In this course, you will discover how to quantify the results of your work. Determine whether the profit earned is higher than the costs of site space, machines, inventory, customer credit etc. Analyze variances etc.

COURSE CONTENT

Fundamentals of Budgeting

• Definition of budget
• Concepts of budgeting
• Preparation of budget
• Human factors in budget
• Budgetary control and feedback

 Performance Evaluation

• Setting monthly targets
• Knowing your company’s strategy
• Identifying the sources of value creation
• Budget Variance analysis

Translating managerial decisions into Naira

• Understanding how to revise your budget
• Associating your forecast with the company strategy
• Gaining proficiency /expertise in budgeting

Analyzing costs

• Identifying various costs associated with your work
• Determining how to calculate costs
• Knowing how to manage cost by department, product, and function etc.
• Working Capital Management

Forecasting

• Meaning of forecasting
• Basic statistical techniques and methods
• Compare forecasting with budgeting
• Limitation of forecasting

FOR WHOM: Accountants, Auditors, Cost Accountants, Admin Managers, Planning Managers, Finance managers, Financial Analysts and others who perform related functions in both public and private.