Effective Budgeting and Operational Cost Control

Description

Target audience:

• Managers who wish to improve their analytical skills and use accounting and finance tools for managerial advantage.
• Those who wish to understand and use accounting knowledge for operational and management decision making.

What you will learn

Upon completion of this course, you will be able to:
• The role of budgeting within the business planning process.
• Different approaches to budgeting.
• How to interpret a variance report and assess its implications for management intervention.
• Behavioural aspects of budget management.
• Strategies to prevent or remedy adverse behavioural aspects of budget management and to harness positive aspects.
• Alternative views on performance management.
• The importance of cash management to a business.
• How to interpret a cash budget and identify potential problems.
• How to formulate strategies for improving cash flow and liquidity.
• The financial impact of an investment using traditional techniques.
• The strengths and weaknesses of the above techniques.
• The role of financial assessment within the wider strategic assessment of investment decisions.
• The financial consequences of a range of decision-making situations.
• The scope and limitations of the financial techniques applied.