Advanced Financial Planning, Budgeting, Forecasting & Cost Management

This day introduces the strategic importance of budgeting within modern organisations and explains how planning frameworks support informed business decisions. Participants will examine forecasting approaches, financial planning models, strategic assumptions, and decision-support techniques that strengthen organisational performance. The topics covered will include:

• Planning In the Organization
  • Organizational Planning and Control Framework
  • The Product / Information / Decision Support Cycle
  • Strategic, Tactical, and Operational Forecasts
  • The Recognition of Risk in Models
  • Using Budget Models for Simulation Purposes
  • The Drive Toward Shareholder Value (EVA®)
• The Strategic Plan
  • The Purpose of Planning and Budgeting in Business
  • Defining the Strategic Approach to Business Planning
  • Defining Strategic Assumptions
  • Building the Strategic Planning Model Using Financial Data
  • Various Strategic and Tactical Approaches to Business Planning
  • Defining the Decision-Support Model: Assumptions / Goals and Key Success Factors

• Recognizing the Basic Patterns Inherent in Historical Data
• Using the Exploratory Data Analysis Tools Available in Excel®
• Development of Time Series Models Using Histograms, Moving Averages, Exponential Smoothing and Regression Analysis
• Using Regression Analysis as a Predictor and Estimator
• Mastering the Use of Exponential Smoothing as a Data Analysis Tool
• Single Regression vs. Multiple Regression
• Validation of Time Series Analysis

This day examines budgeting methodologies that improve financial planning, operational control, and resource allocation across organisations. Participants will explore activity-based budgeting, rolling budgets, cash budgeting, and the identification of cost drivers. The topics covered will include:

• Types of Budgets
  • Zero Base Budgeting
  • Activity Based Budgeting
  • Rolling Budgets
  • Operational Unit Budgeting
  • Programme Budgeting
  • Developing the Cash Budget
• Using Activity based Budgeting
  • Developing the ABB Application Model
  • Budgeting for Processes Rather than Departments
  • Defining Key Cost Drivers
  • Defining Key Activities
  • Development of ABB Cost Standards
  • Developing the Activity-Based Budget

This day focuses on cost analysis methods that strengthen budgeting, forecasting, and financial decision-making. Participants will examine cost behaviour, financial simulation models, manufacturing standards, and variance analysis techniques that improve organisational performance. The topics covered will include:

• Types of Costs
  • Identifying Fixed, Variable and Semi-Variable Costs
  • Application of Regression in the Development of Budgets
  • Building the Financial Simulation Model Using Articulated Financial Statements
  • Building the Financial Simulation Model Using Simulation
• Developing Manufacturing Standards
  • Material Standard Development
  • Labour Standard Development
  • Factory and Corporate Overhead Standard Development
  • Variance Analysis

This day explores optimisation techniques that improve financial planning, resource allocation, and business performance. Participants will develop optimisation models, perform sensitivity analysis, and evaluate financial results that support executive decision-making. The topics covered will include:

• Basic Structure of All Optimisation Models
• Different Forms and Applications of Optimization Models
• Developing a Financial Optimisation Model
• Performing Sensitivity Analysis of an Optimisation Model
• Interpreting the Solution of an Optimisation Model to a Non-Technical Manager

This day introduces the role of budgeting and cost management in supporting strategic execution and organisational performance. Participants explore the link between strategic planning, accounting, and cost evaluation. The topics covered will include:   

• The Link between Strategic Planning, Accounting, Budgeting and Cost Management
• Why Budgeting and Costing are so important to your Company?
• Financial & Management Accounting
• Preparing Financial Statements & Cost Evaluation
• Understand your Processes: Integrating Financial and Non-financial Aspects
• Identify and Discuss the Key issues in terms of Budget / Costing for your own Organization

This day focuses on establishing the budgeting framework, understanding the budget process, and preparing master and departmental budgets to enhance management effectiveness. The topics covered will include:

• The Role & Types of Budgets within Management Accounting
• The Budget Process
• Preparing the Master Budget & Departmental Budgets
• Preparing a Project/CAPEX Budget
• Advantages and Disadvantages of Budgets & the Budget Process: The Critical issues for Success
• Budgetary Control

This day emphasises cost classification, cost-volume analysis, and forecasting techniques to support efficient budget planning and cost control. The topics covered will include:   

• Cost Classification, Concepts and Terminology
• Fixed vs. Variable Costs: The Cost-Volume-Profit Analysis Model
• Contribution Margin Analysis
• Estimating / Forecasting Costs
• Calculating, Evaluating & Managing the Cost of:
  • Purchases
  • Manufacture
  • Inventory (IAS 2)
  • Working Capital
• Improving Efficiency to Reduce Costs

This day explores methods for refining costing systems, linking cost drivers with resource allocation, and introducing activity-based budgeting and cost management practices. The topics covered will include:   

• Under-costing and Over-costing: The Consequences for Profitability
• How to refine a Costing System?
• Indirect vs. Direct costs: Traditional Cost Allocations Systems vs. Activity-Based Costing
• Cost Drivers: Linking Resources, Activities and Management
• Introducing Activity-Based Budgeting (ABB) and Management (ABM)

This day focuses on expanding performance measurement systems using balanced scorecards, Six Sigma practices, and frameworks linking financial and non-financial perspectives for organisational excellence. The topics covered will include:   

• Shortcomings of Traditional Approaches to Budgeting and Performance Measurement
• Recent Best Practices: the Balanced Scorecard and Six-sigma
• Financial Perspective and Customer Perspective
• Internal Business Process Perspective and Learning & Growth Perspective
• Developing and Adapting the Scorecard
• Elkington’s Triple Bottom Line: Profit, People & Planet