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AN INTERACTIVE 5-DAY TRAINING COURSE


SETTING & CONTROLLING BUDGETS


ESSENTIAL BUDGET PREPARATION TOOLS FOR
PLANNING AND CONTROL


Schedules Introduction Objectives Training Methodology Organisational Impact
Personal Impact Who Should Attend? Outline
Home / Finance & Budgeting / CourseSetting & Controlling Budgets

Course Schedule

Date Venue Fees 20 - 24 Mar 2023 London - UK $5,950 22 - 26 May 2023 London - UK
$5,950 07 - 11 Aug 2023 Paris - France $5,950 25 - 29 Sep 2023 Amsterdam - The
Netherlands $5,950 11 - 15 Dec 2023 Amsterdam - The Netherlands $5,950

Register Now Also Available in Online Format

Course Description


INTRODUCTION

> Setting budgets is all about how to plan for the expected and the unexpected. 
> 
> Controlling budgets is all about how to react and respond appropriately when
> the unexpected happens.

This GLOMACS Setting & Controlling Budgets training course deals comprehensively
with the questions you have always wanted to ask about planning, budget setting,
and budgetary control, in plain language that is easy to understand. It covers
in detail how the tools and techniques of successful budgeting and budgetary
control are applied within the overall planning framework to ensure that
organisational goals are met.

It clarifies the jargon and methodology, and the links between strategy,
budgeting, costing, and performance measurement. The Instructor's own business
career experiences and many other real-world business scenarios are shared
throughout this stimulating course to illustrate and reinforce the practical
application of the tools and techniques and best practices.

This GLOMACS training course will highlight:

 * Strategic planning, budget setting, performance measurement, and shareholder
   wealth maximisation
 * Full costing, marginal costing, and activity based costing (ABC)
 * Operating budgets, cash budgets, capital budgets, and master budgets
 * Fixed budgets, flexed budgets, and variance analysis
 * Continuous performance improvement, and the balanced scorecard


OBJECTIVES

By the end of this GLOMACS training seminar, participants will have learned how
to:

 * Identify the links between strategic planning, budget setting, and
   performance measurement
 * Use alternative approaches to costing for planning, budgeting and budgetary
   control
 * Set an operating budget, cash budget, capital budget, and prepare a master
   budget
 * Develop budgetary control systems, and analyse variances using flexed budgets
 * Integrate continuous performance improvement into the budget process and link
   budgets and KPIs with strategy using the balanced scorecard


TRAINING METHODOLOGY

Individuals with varied experience and knowledge are encouraged to share their
own experience and consider alternative approaches introduced during the
training seminar. Formal presentations will be supported by numerous worked
examples, the use of real-world scenarios and group discussion. In this
supportive and interactive workshop environment, your Instructor will facilitate
team case studies and exercises that will reinforce the hands-on application of
each of the learning points and topics covered.

Difficult mathematical concepts are minimised wherever possible and handled in a
visual and user-friendly way – our aim is for this to be an enjoyable learning
experience.


ORGANISATIONAL IMPACT

Participants in this GLOMACS training seminar will provide benefits for their
organisation from the skill set and enhanced knowledge that they will take back
to the workplace:

 * Thinking strategically to enhance their understanding of the annual budget
   setting process and its links with the organisation's longer-term plans and
   financing requirements
 * Choosing the most appropriate approach to costing for more accurate planning
   and budgeting, better budgetary control, and improved actual performance
 * Improved forecasting and budgeting resulting in more efficient use of
   resources and exploitation of value-adding opportunities
 * Evaluating the financial consequences of budgeting for alternative new
   capital investment projects using Discounted Cash Flow (DCF) to optimise
   organisational value creation
 * Applying effective budgetary control using flexed budgets and variance
   analysis, the balanced scorecard, and identifying ways the organisation's
   budget process may be improved
 * Communicating more effectively with other professionals and sharing knowledge
   gained from the seminar throughout the organisation


PERSONAL IMPACT

Participants in this GLOMACS Setting & Controlling Budgets training seminar will
greatly improve their understanding of the links between the strategic planning
and budget setting processes, and develop their application of budgeting and
budgetary control best practice through:

 * Developing their ability to think strategically and prepare successful
   financial plans and budgets and determine the financing requirements of the
   organisation
 * Comparing fixed and variable costs, direct and indirect costs, and the use of
   contribution accounting and Cost / Volume / Profit (CVP) analysis
 * Applying traditional and Activity-Based Costing (ABC) methods and allocation
   of overhead costs for planning, budget setting and budgetary control
 * Using the appropriate techniques of forecasting sales and costs, and sales
   pricing, and preparation of departmental budgets, the master budget, and cash
   budget
 * Capital budgeting using the Discounted Cash Flow (DCF) techniques of Net
   Present Value (NPV), Internal Rate of Return (IRR), and the Profitability
   Index (PI)
 * The use of standard costing in budgetary control using flexed budgets and
   variance analysis, the balanced scorecard, and evaluating ways of improving
   the organisational budget process


WHO SHOULD ATTEND?

It is crucially important for everyone involved in strategic planning, budgeting
and budgetary control to be conversant with their best practice because their
practical application impacts directly on the relevance and accuracy of the
annual budget in ensuring that organisational goals are met.

This GLOMACS Setting & Controlling Budgets training seminar is suitable for a
range of personnel from companies, corporations and governmental organisations
and, in addition to financial analysts, controllers, accountants and
departmental managers active in the planning and budget setting processes, will
benefit business professionals working in:

 * General Management
 * Estimating and Costing
 * Operations
 * Facilities Management
 * Sales and Marketing
 * Quality Management
 * Engineering
 * Project Management
 * Procurement
 * Logistics
 * Research and Development
 * Asset Management
 * Human Resources
 * And any other financial and non-financial personnel that need or wish to
   understand planning, budget setting and budgetary control



Course Outline


DAY 1


STRATEGIC AND FINANCIAL PLANNING  

 * Financial Accounting and Management Accounting
 * The Links between Strategic Planning, Budget Setting, and Performance
   Measurement
 * Planning and Strategic Management
 * Mission, Vision, and Objectives
 * The Planning Process
 * External Environment Analysis, Internal Resources Analysis, SWOT and PESTEL
 * Shareholder Wealth Maximisation, value Creation and Financial Strategy
 * Financial Planning and Modelling, and Long-term and Short-term Financing


DAY 2


COST ANALYSIS FOR BUDGETING  

 * What is Costing?
 * Cost Behaviour – fixed costs and variable costs
 * Contribution, Cost / Volume / Profit (CVP) Analysis and break-even models
 * Traceable Costs and Non-traceable Cost Allocation
 * Product Costs and Period Costs – product costing for inventory valuation and
   profit ascertainment
 * Direct costs, Indirect costs, Absorption Costing and Marginal costing
 * Product Costing for Budget Setting, Budgetary Control and Performance
   Measurement
 * Refinement of the Costing System and Activity-Based Costing (ABC)


DAY 3


THE FRAMEWORK FOR BUDGETING  

 * What is a Budget – and Why Budget?
 * The Budgeting Framework and the various Types of Budgets: top down; bottom
   up; incremental; zero-based; activity-based
 * The Budget Process
 * Qualitative and Quantitative Techniques of Forecasting Sales and Costs, and
   Sales Pricing
 * Budgeting for Labour Costs and Depreciation
 * The Departmental Budget
 * Preparation of the Master Budget and the Cash Forecast / Budget
 * The Human Side and the Behavioural Aspects of Budgeting


DAY 4


ACTIVITY-BASED BUDGETING (ABB), CAPITAL BUDGETING, BUDGETARY CONTROL AND
VARIANCE ANALYSIS

 * How the Budget is controlled in your Organisation
 * Activity-Based Budgeting (ABB)
 * Budgeting for Capital Projects
 * Discounted Cash Flow (DCF) investment appraisal methods of Net Present Value
   (NPV) and Internal Rate of Return
 * Capital Rationing and the Profitability Index (PI)
 * Budgetary Control Systems and Responsibility Accounting
 * Standard Costing for Budgeting and Budgetary Control
 * Fixed Budgets, Flexed Budgets, Variance Analysis and the Reasons for
   Variances


DAY 5


BEYOND BUDGETING – BROADENING PERFORMANCE MEASUREMENT SYSTEMS 

 * Integrating Continuous Improvement into the Budget Process
 * Advantages and Disadvantages of Budgeting
 * How to Improve the Budget Process in Your Organisation
 * The Conflict between Performance Improvement and the Costing System
 * Lean Thinking and Performance Improvement
 * What next – beyond the Budget?
 * The Balanced Scorecard – linking strategy with budgeting and with performance
   measurement
 * Developing and Adapting the Balanced Scorecard: Financial Perspective;
   Customer Perspective; Internal Business Process Perspective; Learning and
   Growth Perspective


Certificates
 * On successful completion of this training course, GLOMACS Certificate will be
   awarded to the delegates
 * Continuing Professional Education credits (CPE) : In accordance with the
   standards of the National Registry of CPE Sponsor, one CPE credit is granted
   per 50 minutes of attendance


Providers and Associations


ENDORSED EDUCATION PROVIDER

 * 

GLOMACS is registered with the National Association of State Boards of
Accountancy (NASBA) as a sponsor of continuing professional education on the
National Registry of CPE Sponsors. State boards of accountancy have final
authority on the acceptance of individual courses for CPE credit. Complaints
regarding registered sponsors may be submitted to the National Registry of CPE
Sponsors through its website: www.NASBARegistry.org


IN ASSOCIATION WITH

Oxford Management Centre

A GLOMACS - Oxford Management Centre collaboration aimed at providing the best
training services and benefits to our valued clients.

Visit website

PetroKnowledge

Our collaboration with Petroknowledge aims to provide the best training services
and benefits for our valued clients

Visit website



Options & Brochure
Available in Online Format   
Register for the Course
Enquire about the Course
Run this Course In-House
Send to a Colleague
Print this Page
Download PDF


This training course is also part of below 10-day title:
Financial Analysis, Planning & Controlling Budgets


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--------------------------------------------------------------------------------



SETTING & CONTROLLING BUDGETS


ESSENTIAL BUDGET PREPARATION TOOLS FOR
PLANNING AND CONTROL


--------------------------------------------------------------------------------


UPCOMING DATES

Code Date Venue Fees FI014 20 - 24 Mar 2023 London - UK $5,950 FI014 22 - 26 May
2023 London - UK $5,950 FI014 07 - 11 Aug 2023 Paris - France $5,950 FI014 25 -
29 Sep 2023 Amsterdam - The Netherlands $5,950 FI014 11 - 15 Dec 2023 Amsterdam
- The Netherlands $5,950

--------------------------------------------------------------------------------


INTRODUCTION

> Setting budgets is all about how to plan for the expected and the unexpected. 
> 
> Controlling budgets is all about how to react and respond appropriately when
> the unexpected happens.

This GLOMACS Setting & Controlling Budgets training course deals comprehensively
with the questions you have always wanted to ask about planning, budget setting,
and budgetary control, in plain language that is easy to understand. It covers
in detail how the tools and techniques of successful budgeting and budgetary
control are applied within the overall planning framework to ensure that
organisational goals are met.

It clarifies the jargon and methodology, and the links between strategy,
budgeting, costing, and performance measurement. The Instructor's own business
career experiences and many other real-world business scenarios are shared
throughout this stimulating course to illustrate and reinforce the practical
application of the tools and techniques and best practices.

This GLOMACS training course will highlight:

 * Strategic planning, budget setting, performance measurement, and shareholder
   wealth maximisation
 * Full costing, marginal costing, and activity based costing (ABC)
 * Operating budgets, cash budgets, capital budgets, and master budgets
 * Fixed budgets, flexed budgets, and variance analysis
 * Continuous performance improvement, and the balanced scorecard


OBJECTIVES

By the end of this GLOMACS training seminar, participants will have learned how
to:

 * Identify the links between strategic planning, budget setting, and
   performance measurement
 * Use alternative approaches to costing for planning, budgeting and budgetary
   control
 * Set an operating budget, cash budget, capital budget, and prepare a master
   budget
 * Develop budgetary control systems, and analyse variances using flexed budgets
 * Integrate continuous performance improvement into the budget process and link
   budgets and KPIs with strategy using the balanced scorecard


TRAINING METHODOLOGY

Individuals with varied experience and knowledge are encouraged to share their
own experience and consider alternative approaches introduced during the
training seminar. Formal presentations will be supported by numerous worked
examples, the use of real-world scenarios and group discussion. In this
supportive and interactive workshop environment, your Instructor will facilitate
team case studies and exercises that will reinforce the hands-on application of
each of the learning points and topics covered.

Difficult mathematical concepts are minimised wherever possible and handled in a
visual and user-friendly way – our aim is for this to be an enjoyable learning
experience.


ORGANISATIONAL IMPACT

Participants in this GLOMACS training seminar will provide benefits for their
organisation from the skill set and enhanced knowledge that they will take back
to the workplace:

 * Thinking strategically to enhance their understanding of the annual budget
   setting process and its links with the organisation's longer-term plans and
   financing requirements
 * Choosing the most appropriate approach to costing for more accurate planning
   and budgeting, better budgetary control, and improved actual performance
 * Improved forecasting and budgeting resulting in more efficient use of
   resources and exploitation of value-adding opportunities
 * Evaluating the financial consequences of budgeting for alternative new
   capital investment projects using Discounted Cash Flow (DCF) to optimise
   organisational value creation
 * Applying effective budgetary control using flexed budgets and variance
   analysis, the balanced scorecard, and identifying ways the organisation's
   budget process may be improved
 * Communicating more effectively with other professionals and sharing knowledge
   gained from the seminar throughout the organisation


PERSONAL IMPACT

Participants in this GLOMACS Setting & Controlling Budgets training seminar will
greatly improve their understanding of the links between the strategic planning
and budget setting processes, and develop their application of budgeting and
budgetary control best practice through:

 * Developing their ability to think strategically and prepare successful
   financial plans and budgets and determine the financing requirements of the
   organisation
 * Comparing fixed and variable costs, direct and indirect costs, and the use of
   contribution accounting and Cost / Volume / Profit (CVP) analysis
 * Applying traditional and Activity-Based Costing (ABC) methods and allocation
   of overhead costs for planning, budget setting and budgetary control
 * Using the appropriate techniques of forecasting sales and costs, and sales
   pricing, and preparation of departmental budgets, the master budget, and cash
   budget
 * Capital budgeting using the Discounted Cash Flow (DCF) techniques of Net
   Present Value (NPV), Internal Rate of Return (IRR), and the Profitability
   Index (PI)
 * The use of standard costing in budgetary control using flexed budgets and
   variance analysis, the balanced scorecard, and evaluating ways of improving
   the organisational budget process


WHO SHOULD ATTEND?

It is crucially important for everyone involved in strategic planning, budgeting
and budgetary control to be conversant with their best practice because their
practical application impacts directly on the relevance and accuracy of the
annual budget in ensuring that organisational goals are met.

This GLOMACS Setting & Controlling Budgets training seminar is suitable for a
range of personnel from companies, corporations and governmental organisations
and, in addition to financial analysts, controllers, accountants and
departmental managers active in the planning and budget setting processes, will
benefit business professionals working in:

 * General Management
 * Estimating and Costing
 * Operations
 * Facilities Management
 * Sales and Marketing
 * Quality Management
 * Engineering
 * Project Management
 * Procurement
 * Logistics
 * Research and Development
 * Asset Management
 * Human Resources
 * And any other financial and non-financial personnel that need or wish to
   understand planning, budget setting and budgetary control


SEMINAR OUTLINE


DAY 1


STRATEGIC AND FINANCIAL PLANNING  

 * Financial Accounting and Management Accounting
 * The Links between Strategic Planning, Budget Setting, and Performance
   Measurement
 * Planning and Strategic Management
 * Mission, Vision, and Objectives
 * The Planning Process
 * External Environment Analysis, Internal Resources Analysis, SWOT and PESTEL
 * Shareholder Wealth Maximisation, value Creation and Financial Strategy
 * Financial Planning and Modelling, and Long-term and Short-term Financing


DAY 2


COST ANALYSIS FOR BUDGETING  

 * What is Costing?
 * Cost Behaviour – fixed costs and variable costs
 * Contribution, Cost / Volume / Profit (CVP) Analysis and break-even models
 * Traceable Costs and Non-traceable Cost Allocation
 * Product Costs and Period Costs – product costing for inventory valuation and
   profit ascertainment
 * Direct costs, Indirect costs, Absorption Costing and Marginal costing
 * Product Costing for Budget Setting, Budgetary Control and Performance
   Measurement
 * Refinement of the Costing System and Activity-Based Costing (ABC)


DAY 3


THE FRAMEWORK FOR BUDGETING  

 * What is a Budget – and Why Budget?
 * The Budgeting Framework and the various Types of Budgets: top down; bottom
   up; incremental; zero-based; activity-based
 * The Budget Process
 * Qualitative and Quantitative Techniques of Forecasting Sales and Costs, and
   Sales Pricing
 * Budgeting for Labour Costs and Depreciation
 * The Departmental Budget
 * Preparation of the Master Budget and the Cash Forecast / Budget
 * The Human Side and the Behavioural Aspects of Budgeting


DAY 4


ACTIVITY-BASED BUDGETING (ABB), CAPITAL BUDGETING, BUDGETARY CONTROL AND
VARIANCE ANALYSIS

 * How the Budget is controlled in your Organisation
 * Activity-Based Budgeting (ABB)
 * Budgeting for Capital Projects
 * Discounted Cash Flow (DCF) investment appraisal methods of Net Present Value
   (NPV) and Internal Rate of Return
 * Capital Rationing and the Profitability Index (PI)
 * Budgetary Control Systems and Responsibility Accounting
 * Standard Costing for Budgeting and Budgetary Control
 * Fixed Budgets, Flexed Budgets, Variance Analysis and the Reasons for
   Variances


DAY 5


BEYOND BUDGETING – BROADENING PERFORMANCE MEASUREMENT SYSTEMS 

 * Integrating Continuous Improvement into the Budget Process
 * Advantages and Disadvantages of Budgeting
 * How to Improve the Budget Process in Your Organisation
 * The Conflict between Performance Improvement and the Costing System
 * Lean Thinking and Performance Improvement
 * What next – beyond the Budget?
 * The Balanced Scorecard – linking strategy with budgeting and with performance
   measurement
 * Developing and Adapting the Balanced Scorecard: Financial Perspective;
   Customer Perspective; Internal Business Process Perspective; Learning and
   Growth Perspective






IN ASSOCIATION WITH

Oxford Management Centre

A GLOMACS - Oxford Management Centre collaboration aimed at providing the best
training services and benefits to our valued clients.

PetroKnowledge

Our collaboration with Petroknowledge aims to provide the best training services
and benefits for our valued clients



© 2023. Material published by GLOMACS shown here is copyrighted.
All rights reserved. Any unauthorized copying, distribution, use, dissemination,
downloading, storing (in any medium), transmission, reproduction or reliance in
whole or any part of this course outline is prohibited and will constitute an
infringement of copyright.


P.O. Box 74653, Dubai, United Arab Emirates
Tel : +971 - 04 - 425 0700, Fax : +971 (04) 425 0701, Email : info@glomacs.com

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downloading, storing (in any medium), transmission, reproduction or reliance in
whole or any part of this course outline is prohibited and will constitute an
infringement of copyright.

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