Objectives:
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How to implement advanced planning and control techniques into your budgeting process
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Know how to integrate the budgeting process with the development of the company's long-term strategic vision
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Know how to provide a decision support structure that provides timely and useful information to decision makers
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Successfully build an integrated planning, budgeting and reporting process
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Know how to forecast costs and revenues with greater confidence
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Apply management tools to the budgeting process that contribute to strategic goals
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Effectively manage the budgeting process
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Identify key performance indicators for effective and focused decision making
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Develop ways to increase profitability and performance through stream lined planning and reporting
Outline:
Budgets in Today's International environment
Planning In the Organization
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Organizational Planning and Control Framework
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The Product / Information / Decision Support Cycle
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Strategic, Tactical, and Operational Forecasts
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The recognition of risk in Models
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Using Budget Models for Simulation Purposes
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The Drive toward Shareholder Value
The Strategic Plan
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The purpose of planning and budgeting in business
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Defining the strategic approach to business planning
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Defining strategic assumptions
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Building the strategic planning model using financial data
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Various strategic and tactical approaches to business planning
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Defining the Decision-Support model: Assumptions / Goals and Key Success Factors
Analysing the Historical Data Using Excel
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Recognizing the Basic Patterns Inherent in Historical Data
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Using the Exploratory Data Analysis Tools Available in Excel®
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Development of Time Series Models using histograms, moving averages, exponential smoothing and regression analysis
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Using Regression Analysis as a predictor and estimator
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Mastering the use of Exponential Smoothing as a Data Analysis tool
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Single Regression vs. Multiple Regression
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Validation of Time Series Analysis
Approaches to Budget Development
Types of Budgets
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Zero Base Budgeting
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Activity Based Budgeting
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Rolling Budgets
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Operational Unit Budgeting
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Programme Budgeting
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Developing the Cash Budget
Using Activity based Budgeting
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Developing the ABB application model
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Budgeting for Processes rather than Departments
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Defining Key Cost Drivers
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Defining Key Activities
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Development of ABB Cost Standards
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Developing the Activity-Based Budget
Strategic and Operational Cost Analysis Techniques
Types of Costs
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Identifying fixed, variable and semi-variable costs
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Application of Regression in the development of budgets
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Building the financial simulation model using articulated financial statements
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Building the financial simulation model using simulation
Developing Manufacturing Standards
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Material Standard Development
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Labour Standard Development
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Factory and Corporate Overhead Standard Development
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Variance Analysis
Defining and Testing Optimisation Techniques in Models Using Excel
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Basic Structure of All Optimisation Models
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Different Forms and Applications of Optimization Models
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Developing a Financial Optimisation Model
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Performing Sensitivity Analysis of an Optimisation Model
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Interpreting the Solution of an Optimisation Model to a Non-technical Manager
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