The Course Content
Day One: Budgeting & Cost Control in the Management System: Link with Strategic Planning
Budgeting and the Management System of Contemporary Organizations
Why Strategy comes before the Budget
The Strategic Planning Process
Financial vs. Managerial accounting (for Decision Making)
Strategic Planning, Budgeting and Management Control Measuring and Managing the Performance – KPIs and targets
Understand your processes: Integrating financial and non-financial aspects
Day Two: Budgeting and COVID-19
What is a Budget?
The Benefits of Budgets
The Shortcomings of the Budgeting Process - How to improve them?
The economic implications of COVID-19
Understand the new figures within COVID-19 Context
Budget Methods – incremental, zero-based, rolling budgets and Activity Based Budgeting
In the Wake of COVID-19 – Moving to bottom-up budget and Adopt flexible budget – rolling budget
Preparing Departmental Budgets from Forecasts
Day Three: Using a Budget as a Management Tool
Re-understand The Cost Figures in the Wake of COVID-19
Budget Cost, Volume, Profit (CVP) and Break-Even Analysis
Managing Fixed and Variable Costs
Sensitivity & What-If Analysis
Budgetary Control
Variance Analysis
Day Four: Day Five: Understanding Capital Budgeting (CAPEX) in The Wake COVID-19
Capital Budgeting Principles
Raising Finance
Weighted Average Cost of Capital (WACC)
Methods of Evaluating Capital Investment Projects
Comparing Different Projects and Their Returns
Day Five: Beyond Budgeting- Broadening Performance Measurement Systems in The Wake of COVID-19
Redefine the corporate objectives and targets- short-term focus
Shortcomings of Traditional approaches to Budgeting and Measurement
Adopt a flexible performance evaluation method
The Balanced Scorecard
Financial & Customer Perspective
Internal Business Process Perspective
Learning and Growth Perspective
Developing and Adapting the Scorecard
Reconsider the corporate Key Performance Indicators (KPIs)
Re-evaluate the emergency fund options