Strategic Budgeting for Executives and Managers

Budgeting is not an annual or periodical paper exercise; it is essential for the management of each department and the whole company to manage and control the business. It is also important for small businesses to plan and budget the strategies and targets for the coming years, both of which have to be translated into their overall budget.

This course provides managers and executives with the basic knowledge and skills to better understand the purpose of budgeting and how it applies to business as well as short term projects.

This course will help you to understand the principles, processes and application of budgeting, both in your business and projects.

After the workshop, you will be able to:

• understand the basic principles of budget and the budgeting process
• learn the types of costs and their behaviour – Cost-Volume-Profit Analysis
• be able to prepare various types of budget
• prepare a project budget
• understand the factors affecting the success of budgeting
• articulate your budget plan to management and the finance department

Outline

• Introduction to budgeting
  – Understanding the planning process and how it is translated to budget figures
  – Challenges in budgeting
  – Characteristics of a good budget
• Types of costs and their behaviour
  – Cost-Volume-Profit analysis
  – Break-even analysis
• Purpose of budgeting and the factors affecting the success of it
• Difference between budget and forecast
  – Purpose of forecast
• Types of budgets
  – Zero Based Budgeting
  – Activity Based Budgeting
  – Incremental Budgeting
• Budgeting for short-term projects
  – Revenue
  – Costs
• Budgetary control
  – Budget review
  – Variance analysis

For courses in 2022

For courses in 2023

Grants (if applicable)

• Organisation: Please let us know upon registration, if you wish to apply for the SDF grant.
• Individuals: Please refer to the following guides on how to claim your SkillsFuture Credit.
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