Course Overview
A practical knowledge of budgeting skills is vital for effective operational management, and for ensuring short-term tactical goals are aligned correctly with medium and longterm strategic objectives. This is, of course, particularly challenging in the current uncertain economic and social climate, making it more all the more important for nonfinancial corporate leaders to keep abreast of the latest forecasting techniques and practices.
This course provides a simplified, yet in-depth, insight into the mechanics of budgeting within manufacturing, production and corporate functions. Each topic is reinforced with real-world case studies.
Learning outcomes
• Corporate Strategy and Organizational Planning Process
• Understanding Budgeting Perspectives• Identifying Budgetary Constraints & Resource Limitation
• Alternative Budgeting Approaches: Zero-based, Incremental,
• Application of Quantitative Techniques to Cost Estimation and Forecasting
• Interdependence of master and sub-budgets
• Construction of Opex and Capex budgets
• Practical Techniques for Implementing the budget
• Monitoring and Reporting performance against plan
• Interpreting and investigating relevant variances
• Adjusting/correcting operational activity and reacting to economic and business changes
Workshop Approach
This workshop incorporates real-world case studies and draws on the latest budgetary practices. The delivery of the material is interspersed with group exercises and practical challenges, using excel spreadsheets.
The aim is to foster a hands-on understanding of the concepts and install a practical, and usable, knowledge of the skills required to develop effective and operating costs budgets
Training Schedule
Day one
09:00 ntroductions and Learning Outcomes
09:30 The Organizational Planning Process
10:15 Understanding Budgeting from Functional & Operational Perspectives
11:00 Tea/Coffee Break
11:20 Understanding Budgeting from Functional & Operational Perspectives
12:15 Lunch Break
13:30 Identifying Constraints & Relationships
14:15 Cost perspectives & Estimation Techniques
15:30 Tea/Coffee Break
15:50 Cost perspectives & Estimation Techniques
16:30 Developing the Master and Sub-budgets
18:00 End of day 1
Day two
09:00 Developing the Master and Sub-budgets (Cont’d)
10:30 Phasing your Budget
11:00 Tea/Coffee Break
11:20 Monitoring and Reporting Performance
12:15 Lunch Break
13:30 Monitoring and Reporting Performance
15:00 Lessons Learned and Reforecasting
15:30 Tea/Coffee Break
15:50 Lessons Learned and Reforecasting
16:15 Summary and conclusion
16:30 End of Workshop
Training Program
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Get to know the Expert Trainer
Raheen Sacranie is a member of the Institute of Chartered Accountants (ICAEW) and the Chartered Institute of Management Accountants (CIMA), in the UK. Following a stint with KPMG in London, where he was involved in well over a hundred operational investigations and audits, he has worked as a financial and technology consultant, coach and trainer in over 700 companies across the world. His experience straddles all industries, in the commercial and the public sectors, and a career that spans over 25 years.
He specializes in helping organizations address the knowledge gap between operations and finance, particularly in identifying and delivering customized consultancy and training solutions aimed at enhancing operational working practices, financial management, financial analysis, corporate governance, process re-engineering, project management, regulatory compliance, audit investigations, business writing & communications, IT collaboration tools, coaching/mentoring and other skill sets in line with competency frameworks and corporate objectives. He has managed and delivered several initiatives in these areas.
He is also a keynote speaker at several industry conferences, including: GPCA Innovation Workshop and OSHRM HR Symposium.
Who should attend?
All staff involved in budgeting but especially those working in the Production /Manufacturing / Front-end functions and Cost Centres, including: Heads of Operations, Production Planning, Maintenance, Engineering, Quality Control, Turnarounds, Distribution & Warehouse, Asset Control etc.
It will also benefit managers within certain back-end corporate functions involved in providing support to the production functions, including: Procurement, Marketing, IT, Project Managers & HR.
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FAQ
The client has the right to cancel his/her registration in the event.
There is a 50% liability on all conference registrations once made, whether the booking was made through our website or via e–mail/ telephone/ fax.
If the client cancels with more than 8 weeks’s advance notice, GLC shall be entitled to an amount equivalent to 50% of the conference fee and 16 EUR administration charge. In case the client has already made his/her payment, this will be deducted from the conference fee GLC has already received and the remainder will be refunded. If no conference fee has been received prior to the cancellation request, GLC will issue an invoice for the cancellation fee (the amount equivalent to 50% of the conference fee and 16 EUR administration charge), which the client must pay immediately upon receipt. No refunds are available for cancellations received with 8 week’s (or less) advance notice or in case the client fails to attend the conference. In these cases, the full amount of the conference fee must be paid.
- Get the timing right.
Many people are afraid to request for training budget, because they can’t seem to find the “perfect time” to do it. Well, there’s no perfect time to ask for it, but there are definitely some moments that are better than others. For instance, if your boss is about to take a two week vacation, he/she might be in a good mood. If he/she just lost a major account, may not be wise at that juncture. - Make a case for yourself
When you ask for budget, you should be prepared with specific details and explanations about what is in it for the company and you’re superior. If you go into a meeting and just say, “I want to get budget for a conference,” it’s likely that your request won’t be taken seriously. If you want to plan ahead, then you should be prepared to explain the following points:
1. Start by stating your accomplishments
2. Show that you’re ready for more responsibility and eager to learn
3. Describe:
a) How this event will increase your productivity?
b) How you will need less supervision
c) How you can bring back the knowledge to the company
4. Follow up