Planning and the Functions of Management
Overview of planning as a fundamental function of management.
Importance of strategic, tactical, and operational planning in organizational success.
Techniques for integrating planning with other management functions.
Budgeting: Process and Approaches
Understanding the budgeting process and its importance in financial management.
Different approaches to budgeting (e.g., incremental, zero-based, rolling budgets).
Techniques for developing accurate and achievable budgets.
Techniques for controlling costs and managing expenses.
Monitoring budget performance and identifying cost-saving opportunities.
Implementing cost control measures to achieve financial goals.
The Role of Budgeting & Control
Importance of budgeting and control in achieving organizational objectives.
Techniques for establishing budgetary controls and monitoring financial performance.
Integrating budgeting with performance measurement and management.
Costing: From Traditional to Activity-Based
Overview of traditional costing methods (e.g., job order costing, process costing).
Introduction to Activity-Based Costing (ABC) and its advantages.
Techniques for allocating costs to products and services accurately.
Develop Flexible Budgets & Perform Variance Analysis
Develop Flexible Budgets & Perform Variance Analysis
Creating flexible budgets to adapt to changing business conditions.
Techniques for variance analysis to assess deviations from budgeted expectations.
Using variance analysis to improve decision-making and operational efficiency.
Understanding capital budgeting and investment decisions.
Techniques for evaluating capital projects (e.g., net present value, internal rate of return).
Risk assessment and sensitivity analysis in capital budgeting decisions.
Beyond the Budgets: Towards Value-Based Budgeting
Introduction to Value-Based Budgeting (VBB) principles.
Aligning budgeting with value creation and strategic goals.
Techniques for measuring and optimizing value in budgeting decisions.
