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DYNAMIC BUDGETING AND FORECASTING WORKSHOP

2nd - 3rd, February 2022
Virtual / Streaming

Supporting accurate and agile decision-making in a dynamic business environment

Overview

-Develop dynamic strategic planning processes for success in a real-time environment
- Connect planning, budgeting, and forecasting for improved resource allocation
- Re-think the use of strategic planning tools
- Apply advanced and forward-looking budgeting techniques for improved allocation of targets and resources

Speakers

Kevin Riley

Kevin has more than 30 years of experience in financial and performance management and budgeting. This includes working with Treasury and Finance departments in the Commonwealth and across all Territory and State jurisdictions. Kevin is a Fellow with both Chartered Accountants Australia and New Zealand and CPA Australia. He is also a Qualified Accountant with the Chartered Institute of Public Finance and Accountancy (UK). 

Managing Director
Capital Training College

Agenda

Workshop Day One
Workshop Day Two
Dynamic Budgeting and Forecasting Workshop

02 Feb - 03 Feb

Workshop

Setting the context – the requirement for more flexible and agile budgeting and forecasting in a dynamic business environment - focused on the agency’s purpose

- The requirement for enhanced agility in organisational decision making - focused on the purpose

- Reviewing the strategic planning process

- Rethinking the use of strategic planning tools

- Building a more dynamic strategic planning process by identifying strategic drivers and incorporating scenario planning

- Communicating your purpose and strategic outcomes clearly and succinctly to ensure that they drive planning, budgeting and forecasting practices


Improving business performance by linking planning, budgeting and forecasting

- The foundations for connecting business planning, budgeting, and forecasting

- Strategy linked forecasting and performance models

- Evaluating the most appropriate level at which budgets will be prepared and managed – ensuring responsibilities are set at the right level for managing resources and achieving plans

- Analysing traditional and new approaches for assigning costs – reassessing the best use of traditional and contemporary approaches to costing, including time-driven activity based costing


Forward-looking and innovative budgeting techniques

- Reviewing the traditional role of budgets and their limitations

- Advanced and forward-looking budgeting techniques which allow for accurate allocation of targets and resources

- Activity based budgeting, zero based budgeting, priority based budgeting, output budgeting

- Fine-tuning traditional budgeting activities to support decision making in a dynamic business environment


Moving towards the application of beyond budgeting principles

- Recognising the limitations of budgeting approaches and identifying the improvements that can be achieved

- The benefits of a beyond budgeting approach and how this can contribute to more adaptive and responsive finance practices

- Assessing organisational readiness

- The process of applying beyond budgeting principles and common challenges faced

- Methods for effective benchmarking



  • Kevin Riley Managing Director Capital Training College

Workshop

Moving towards more dynamic and adaptive forms of forecasting

- Dynamic forecasting using statistical and probabilistic techniques

- An overview of techniques such as rolling forecasts, driver based budgets and Monte Carlo simulation

- The strengths and weaknesses of the rolling forecast and other forecasting techniques

- Evaluating your forecasting technique options and when to apply the best method for a given situation


Implementing the rolling forecast process in your organisation

- Identifying your key business drivers

- Key considerations in the design of your rolling forecast process

- Assessing the advantages and disadvantages of driver-based rolling forecasts – implement driver-based rolling forecasts and be fully aware of the challenges in a way that delivers benefits

- The steps required to make the transition to a rolling forecast process

- Developing an effective rolling forecast capability across the finance team


Applying performance systems with scorecards, key performance drivers and indicators

- Determining your key performance drivers – using your KPIs to focus on what really drives performance, plans, budgets and forecasts

- Assessing how strategic outcomes are monitored and measured to keep your management accounting activities focused on what will get results

- Examining the use of benchmarks for monitoring performance – assessing your plans, budgets and forecasts against best practice

- Identifying improvements to the format and timeliness of reporting – ensuring that the benefits of strategic KPIs, comprehensive cost information and driver-based rolling forecasts assist decision makers


Bringing it all together for agile and accurate decision making capability – achieving organisational performance impact

- Planning the implementation of improved strategic management accounting concepts – winning support for reforms so improved plans, budgets and forecasts become part of your organisation’s culture and DNA

- Evaluating the financial decision making skills in your organisation

- Recognising the financial literacy and skill developments necessary to support improved planning, budgeting and forecasting



  • Kevin Riley Managing Director Capital Training College

Pricing

Venue

Online Delivery

Virtual / Streaming

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