Budgets are the vehicle for allocating resources, measuring activities, and identifying needed changes and improvements. An organization’s strategy is the primary driver of costs.
DESIGNED FOR
Public, private and non-profit organizations and their members – CFOs, CEOs, controllers, auditors, and managers
BENEFITS
- Understand all facets of the budgeting process
- Provide techniques to improve forecasting
- Demonstrate how a budget can be a vital tool for overall long-term improvement
- Identify immediate actions that can result in measurable benefits to an organization
- Understand management, uses, and potential benefits of big data
- Employ techniques for further research
HIGHLIGHTS
- Why forecasts and budgets are frequently wrong: behavioral finance; improper goal setting, games, continuing the status quo, traditional budgeting techniques
- Incorporating strategy into budgets: improving measurement systems; common errors, developing strategies and appropriate measurements
- Expanding the budgeting framework: rolling forecasts; mission-based budgeting, zero-based budgeting, post-completion evaluations, contingency planning, black swan events, identifying improvements
- Big data: definition, challenges, goals, current uses/examples, sources of information
- Analytical tools: ration analysis, benchmarking, Pareto analysis, trend analysis, regression, simulation, dashboards
PREREQUISITES
Experience and/or exposure to financial management
ADVANCE PREPARATION
None