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Location: UK Europe EMEA GCC Time Zones
First Date: Apr 15 - 17 2025
Duration: 3 days
Programme Director: Risk Reward Faculty
Apr 15 – 17 2025 (Global Markets & Time Zones)
Live On Demand (Global Markets & Time Zones)
Experience the highly-interactive expert-led social learning through Virtual Classroom via Cisco WebEx from Risk Reward.
All our 2024 Live, on-site and Live Virtual Classroom events feature shared (or discrete) live chat between delegates and the expert, participate in topical surveys, polling questions, group exercises and case studies for a tried -and- true engaging and gratifying learning experience.
Need to bring this course in house, train your team or 1:1? Simply contact us for significant cost savings and dates best suited to meet your specific needs.
Session 1: Management and Financial Strategy
Session 2: Developing Effective Budgets
Session 3: Building the budget
Session 4: Capital Projects
Session 5: Implementing Cost Control
Session 6: Performance Indicators
Session 7: Action Plans
Session 8: The Future
Session 9: Summary, Discussion and Q&A
Smart cost decisions can unlock higher agility evening, great to profitability and even long-term investment. Virtually all firms are facing disruption and uncertainty. Increasing costs put pressures on senior management facing challenges to sustainability and profitability.
This course enables participants to understand the main concepts and methodology around cost management, budgeting and forecasting. They will be introduced to examples of best practice budgeting, will consider warning signs related to overspending and the remedial actions available.
Designed primarily for senior management, members and management of finance functions and those in business units involved with developing or reviewing budgets and forecasts.
Session 1: Management and Financial Strategy
Tactics v Strategy
The impacts on uncertainty
Dealing with uncertainty
Alignment to goals and missions
Strategic and Tactical analysis
The role of budgets
Models, Model Governance and Model Validation
Budgeting approaches
Monitoring and Reporting budgets
Case Study: How goals and missions impact budgeting
Session 2: Developing Effective Budgets
The budgetary process
Identifying and developing assumptions
The impact of disruption
The impact of assumptions
Developing suitable assumptions
Annual and monthly budgets
Budget reporting
Budget assumptions and validity
Case Study: Suitable assumptions
Session 3: Building the budget
Getting buy in to the budget
Reviewing the budget
Linking budgets to strategy
Identifying tactical goals
Application of constraints and limiting factors
People and budgets
Sales budgeting
Overhead budgeting
Capital expenditure budgeting
Cash budgeting
Phasing and trends
Case Study: Developing a budget
Case Study: Reviewing budgets
Session 4: Capital Projects
Budgeting for Capital Projects
Analysis of opportunities
Consideration of Risks and Rewards
Cashflow timings
Project budgets
Opportunity Costs
Monitoring and Benchmarking
Reviewing the budget
What can go wrong
Case Study: Reviewing a capital budget
Session 5: Implementing Cost Control
Strengths and Weaknesses of approaches
Understanding and analysing cost drivers
Analysis and Reporting
Cost Modelling and Budgeting
Understanding and analysing cost drivers
Direct vs Indirect Costs
The impact of cost control
Activities and actions
Good and bad practices
Case Study: Cost control in practice
Session 6: Performance Indicators
The role of performance indicators
Balanced Scorecard
COSO
The relationship to control indicators
Warning Signs
Bad budgeting vs Overspending
Analysing variances
Identifying causal factors
Response plans
Case Study: Developing performance indicators in practice
Session 7: Action Plans
• Agile budgeting and forecasting
• Developing a change plan
• Actions to be taken now
Case Study: Key actions
Session 8: The Future
• The impact of ML, AI
• Reporting
Session 9: Summary, Discussion and Q&A
Delegates will gain specialist technical and behavioural knowledge, techniques and real world applications while exploring many aspects of modern thinking regarding budgeting and cost control including:
• Using budgets and models as a key element of management and financial strategy
• Analysing opportunities, risks and rewards in the context of capital projects
• Controlling costs through analysis and modelling
• Developing KPIs
• Reviewing cost drivers
Highly interactive expert-led intensive presentation, Q&A, group real-time in-depth case studies, regulation and discussion supported by key principles and theory. The virtual learning platform uses safe, industry preferred encrypted Cisco WebEx to optimize live face-to-face visual interaction, discrete chat, for polling and quizzes.
(An invitation via email with access link is included for all participants.)
Course Fee (per person):
GBP £2,995.00 (+ UK VAT when applicable)
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