Budgeting For Performance Management

Introduction

This GLOMACS training course on Budgeting for Performance Management is focused on the imperative facing all organisations to allocate scare resources to create and deliver value to their key stakeholders. In profit making businesses this means creating value for customers and shareholders, whilst in the government and public sectors this means effectively delivering ‘value for money’ services to clients with economy and efficiency. The most successful organisations achieve these strategic goals within an effective performance management framework in which budgeting and cost management have key roles to play.

Budgets are the tool with which strategic high level long-term plans can be translated in to detailed operating plans, which facilitate the implementation and execution of organisational strategy.  Cost management is at the heart of an effective system for allocating scarce resources to key processes, products and services to maximise the value created for customers, clients, shareholders and funding providers. This leading edge course will focus on recent development in both the budgeting process, and the approach to cost analysis and management.

This course will feature:

• How vision and goals are converted in to winning strategies
• Budgeting and cost management’s role in organisational success
• Traditional and advanced approaches to cost analysis
• Business analytics and forecasting methods for budgeting
• Optimising budget reporting for effective management
• Beyond Budgeting and other recent developments

Objectives

At the end of this Budgeting For Performance Management training course, delegates will be able to:

• Understand now budgeting fits in to performance management
• Combine financial and non-financial metrics to budgeting
• Understand and compare different approaches to costing
• Master traditional and advanced approaches to budgeting
• Apply a strategic approach to cost management and reduction

Training Methodology

This Budgeting for Performance Management training course is designed as a highly participative workshop to provide delegates with the opportunity to apply the key principles and techniques of budgeting and cost management..

This training course will utilise a variety of proven adult learning techniques to ensure maximum understanding, comprehension and retention of the information presented. This includes:

• Discussions and opportunities for delegates to share experience
• Application of key principles to realistic case studies
• Hands on practice with Excel forecasting tools

Organisational Impact

• Better organisational alignment with strategy
• Cost and budgeting awareness will be improved
• Improvements to budgeting techniques and outcomes
• Broadened knowledge of performance management techniques
• Awareness of linking financial and non-financial key metrics
• Knowledge of techniques for cost management and reduction

Personal Impact

• Better understanding of budgeting philosophies and methods
• Practical skills in forecasting and cost analysis
• Raised awareness of organisational critical success factors
• Development of strategic thinking and management
• Valuable skills in developing Key Performance Indicators