Budgeting, Forecasting and Planning

Day 1: Understanding the Planning Process

• Overview of planning and its role in business strategy.
• Key steps in developing a near-term sales plan.
• Techniques for sales forecasting and demand estimation.
• Methods for analysing cost behaviour using various financial techniques.

Day 2: Budgeting Fundamentals and Strategic Focus

• Definition and importance of budgeting in business operations.
• Strategic focus on budgeting and its role in financial planning.
• Types of budgets and their applications in different business functions.
• Advantages of effective budgeting and gaining management support.

Day 3: Linking Budgeting and Forecasting to Performance

• Strategic planning and its connection to budgeting and forecasting.
• Importance of participative budgeting and communication in planning.
• Steps to build a comprehensive budgeting model and structure.
• Monitoring and managing cash flow, working capital, and budget performance.

Day 4: Capital Budgeting and Investment Decisions

• Understanding capital expenditures and their impact on financial planning.
• Key stages of the capital budgeting process.
• Evaluating relevant cash flows for investment decisions.
• Methods for assessing capital investments and financial feasibility.

Day 5: Budgeting for Control and Performance Management

• Understanding flexible budgeting and its advantages over static budgeting.
• Using flexible budgets for performance evaluation and variance analysis.
• Applying overhead costs in a standard cost system.
• Investigating budget variances and their impact on business decisions.