Advanced Budget Management and Cost Allocation
Course Info
Code PF1-104
Duration 5 Days
Format Classroom
Course Summary
In order to stay profitable and ahead of the competition, businesses need to have savvy budgeting systems and reporting techniques to ensure that money is allocated to the necessary areas.
Stakeholders and clients need to know that the money they put into the business is used wisely and it can be a challenge to put in a budget management framework that uses funds to the benefit of everyone involved. The future of your organisation stands on your prioritisation framework and your budget allocation.
Budget management encompasses the whole of the business as it determines the amount you’re able to spend on progression by updating systems and adding in automation. The amount you spend on your systems and processes also gives you a base figure to recruit those all-important employees that make your business run smoothly and gives you the opportunity to become a competitive employer.
An accurate cost-benefit analysis of new processes, system changes, recruitment, and waste removal could mean the difference between a thriving and profitable company, and a company that haemorrhages money, creating a struggle to move forward.
- To create effective business models focused on financial planning.
- To be familiar with different types of budgeting and which would be most successful for your business.
- To identify areas of improvement and cost waste and work to save money.
- To understand how your project planning and staff management directly impacts your finances.
- To create essential risk-management models to move your business forward securely.
- To identify opportunities for strategic development based on financial backing.
- To gain knowledge on various financial planning models to focus your projects.
- To develop action plans for budget recovery during times of overspend.
This course is great for anyone who manages department budgets or is in charge of change management and requires a financial plan to move forward. It would be particularly beneficial for:
- Business Owners
- Finance Managers
- Operations Managers
- Operations Directors
- Planning Managers
- Change Managers
- HR Personnel
This course is created using a range of theory-based budgeting models to develop a usable framework and create a cost-effective change plan. You will also take part in group discussions and trainer-led seminars to discover streamlining processes to remove waste spend from your organisation's future.
You will view real-life case studies and financial assessments to determine the risks and mistakes made by other businesses and use lessons learned and accurate data analysis to understand ways that you could reduce costs and increase profits within your own business.
Course Content & Outline
Efficient project budgeting is vital for success. Discover the importance of project budgets, learn how to create one, and gain valuable tips for effective budget management.
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