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Course Description:
The annual
planning cycle instills fear in the hearts of many managers. They face
deadlines, paperwork, meetings, meetings, and more meetings. Planning,
however, does not have to be a painful process. Properly managed, it
provides vital information and direction for the organization. This
session discusses the planning cycle and its relationship to the annual
budgeting process. It defines the nature of strategic planning and
positions this process as a necessary first step in the development of
long-range strategies and short-term plans. It then describes the annual
budgeting cycle, discusses the major contents of the annual business plan,
and explains the review process. The behavioral impact of the budgeting
process will also be explored. The course can be taught as a standalone
or in combination with
Course # 202, Budget Preparation
Procedures to obtain a more
comprehensive view of the planning and budgeting Process.
Pre-requisites:
This course
is taught at an intermediate level. No specific pre-requisite or advance
preparation is required. However, the participant should have taken the
seminars
Understanding
Financial Information,
Basic Cost
Concepts
or an
equivalent course which explains the fundamentals of financial information
and cost terminology.
Pre-work: Not required.
Who should attend:
Managers and
supervisors in manufacturing or service industries, entrepreneurs,
business owners, professional employees (planners, engineers, buyers,
analysts), controllers, accounting managers and supervisors, CPAs, CMAs,
financial accountants, financial analysts, cost accountants, cost
analysts.
Course Objectives: Upon
completion of this seminar, you will be able to:
- Define planning and its uses within the
organization
- Describe the planning cycle and its relationship
to the budgeting process
- Explain the strategic planning process
- Describe the budgeting cycle
- Identify the major contents of the annual business
plan
- Identify the budget preparation method that is
appropriate for your organization
- Manage the review process more effectively
- Explain the principles of adaptive processes and
how these are applied to the budgeting process.
Course Content:
- The nature and purpose of planning
- An overview of the planning cycle
- The strategic planning process
- Strategic analysis
- External factors
- Internal factors
- Overview of the budgeting process
- Budget preparation methods
- Forecasts and the budget
- Guidelines for a smoother budgeting process
- How to manage the review process
- Behavioral considerations
- Beyond budgeting
Instructional method used:
Group-live
Recommended CPE:
7 credit hours
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