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Controllership Skills Update: Budgeting and Forecasting (CON3)

Thursday, March 23, 2017
01:00 PM - 03:00 PM (Eastern)

Tony La Russo, BA, MBA, CMA

  • Format Webinar
  • Credits 2
  • Level Update
  • Field of Study Accounting (1), Business Mgmt & Org (1)

Overview

Budgets are the vehicle for allocating resources and measuring the success of selected strategies. An organization's strategy is the primary driver of costs. To be effective, the budget must be linked to strategy and longer term plans. Numerous organizations have achieved a series of short-term targets (budgets), but failed longer term; thus demonstrating the lack of this necessary linkage. Forecasting, a critical part of any successful budgeting process can be flawed by technical errors and/or structure/emotional forces. This brief program offers specific actions to improve your forecasting and other budgeting activities. In addition, more advanced techniques are identified for the participant's further review. Good budgets effectively allocate resources, and provide information for decision-making and an early warning system for unforeseen events. A poor budgeting process provides a false sense of security, inappropriate or inaccurate data and re-enforces the status quo.

Major Topics:

  • Why forecasts and budgets are frequently wrong: Behavioral finance; Improper goal setting; Games; Continuing the status quo
  • Traditional budgeting: Types of budgets; Traditional techniques
  • Improving your measurement system: Common errors; Test your strategy; Developing strategic measurements; Balanced Scorecard
  • Expanding the budgeting framework: Quarterly and rolling forecasts; Mission-based budgeting; Zero-based budgeting; Post-completion evaluations
  • Budget as an improvement tool: Identifying improvement opportunities; Benchmarking; Activity Based Costing;
  • Forecasting techniques: Pareto analysis; What If analysis/contingency planning; Trend analysis; Regression; Simulation

Learning Objectives

  • Update participants' knowledge in all facets of the budgeting process
  • Provide techniques to improve forecasting
  • Demonstrate how a budget can be a vital tool for overall long-term improvement
  • Identify immediate actions that can result in measurable benefits to an organization
  • Offer techniques for further research by participants

Who should take this course:

Public, private and non-profit organizations and their members -- CFOs, CEOs, Controllers, Auditors and Managers

Experience and/or exposure to financial management

None

No

No

No

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