This unit is about the use of budgeting for planning, co-ordinating and authorising the activities of an organisation and for controlling costs. The unit provides skills and knowledge to improve the performance of an organisation.
This unit is about the use of budgeting for planning, co-ordinating and authorising the activities of an organisation and for controlling costs. The unit provides skills and knowledge to improve the performance of an organisation by setting targets, constructing achievable plans and monitoring results.
Students will develop a range of skills within the context of planning and control. These include management accounting, statistical analysis, written communication and variance analysis.
The application of standard costing and its links to budgeting, is also included, although the topic is covered in detail in the Management Accounting – Decision and Control unit.
Students will also develop their business awareness. In particular, they will gain elementary understanding of production planning (efficiency, adjusting for changing inventory levels, material control, staff planning, plant scheduling) and aspects of marketing (competition, promotion, product life-cycle and so on). In this context, performance measures are used to set targets and monitor performance.
These are not high-level financial indicators, such as return on net assets as learned in other units, but detailed measures relevant to specific budgets. As an example, average hourly labour rate would be relevant to the control of a direct labour cost budget.
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This course is considered the second level in budgeting after our "Effective Budgeting and Cost Control" program. It goes beyond the theory of budgeting as a concept to over specific steps to make the budget a value-added process in the organization.
This highly practical and interactive one-day course will clearly explain the purpose of the budget in controlling costs and forecasting financial and operational performance and planning.
Success in any organisation depends on being able to develop and implement effective plans to achieve the organisation's objectives. Although some see budgeting as a burden, the most successful organisations use the budget process to produce powerful plans.
Financial planning is the process of raising funds and allocating these funds based on the overall business strategy. The starting point of the financial plan is therefore organisation’s Mission/ Vision Statements.
Our course will explain financial terms and budgeting tools in such a way where a financial professional or even a non-financial profession will be able to understand and relate with in their working environment
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