Budgeting, Forecasting, Business Planning and Economic Modelling

Budgeting, Forecasting, Business Planning and Economic Modelling

Course Overview

This 5-day intensive course provides participants with advanced knowledge and practical skills in budgeting, forecasting, business planning, and economic modelling. The course covers essential techniques and tools to create accurate budgets, reliable forecasts, and robust business plans. Participants will also learn how to develop and apply economic models to support strategic decision-making in various business environments.

Target Audience

• Financial planners and analysts
• Business managers and decision-makers
• Budgeting and forecasting professionals
• Corporate finance professionals and CFOs

Course Objectives

• To understand the principles and best practices of budgeting, forecasting, and business planning
• To develop skills in creating and managing budgets that align with business goals
• To learn techniques for accurate forecasting and scenario analysis
• To apply economic modelling to support strategic business decisions
• To integrate budgeting, forecasting, and planning into overall business strategy

Day-by-Day Course Outline

Day 1: Foundations of Budgeting and Business Planning

• Introduction to budgeting: Purpose and importance in business management
• Types of budgets: Operational, capital, and cash flow budgets
• Key components of a successful business plan: Vision, goals, and financial objectives
• Aligning budgets with business strategy and objectives
• Case study: Developing a budget for a small-to-medium enterprise (SME)

Learning Outcome:

Participants will understand the fundamental concepts of budgeting and business planning and how to align them with strategic goals.

Day 2: Advanced Budgeting Techniques

• Zero-based budgeting vs. traditional budgeting: When and how to use each
• Rolling budgets and continuous planning: Adapting to changing business conditions
• Variance analysis: Identifying and addressing budget deviations
• Cost control and optimisation through effective budgeting
• Practical exercise: Creating a zero-based budget for a departmental project

Learning Outcome:

Participants will gain expertise in advanced budgeting techniques and learn how to adapt budgets to dynamic business environments.

Day 3: Forecasting Methods and Applications

• Overview of forecasting: Importance and challenges
• Quantitative forecasting methods: Time series analysis, regression models, and trend analysis
• Qualitative forecasting methods: Delphi method, market research, and expert judgement
• Scenario planning and sensitivity analysis in forecasting
• Workshop: Developing a financial forecast using time series analysis

Learning Outcome:

Participants will develop skills in applying both quantitative and qualitative forecasting methods to predict future business performance.

Day 4: Business Planning and Economic Modelling

• Creating a comprehensive business plan: Financial, operational, and strategic components
• Economic modelling basics: Understanding and constructing economic models
• Applying economic models to business decisions: Demand forecasting, pricing strategies, and market analysis
• Integrating economic models with financial forecasts and budgets
• Case study: Building an economic model to support a business expansion plan

Learning Outcome:

Participants will learn how to create detailed business plans and apply economic models to support strategic decision-making.

Day 5: Integrating and Communicating Financial Plans

• Aligning budgets, forecasts, and business plans with overall business strategy
• Communicating financial plans to stakeholders: Best practices and techniques
• Monitoring and adjusting financial plans: Continuous improvement and adaptability
• Group project: Developing and presenting a comprehensive business plan and forecast for a hypothetical company
• Course wrap-up and feedback session

Learning Outcome:

Participants will be able to integrate budgeting, forecasting, and planning into a cohesive business strategy and effectively communicate their plans to stakeholders.

By the End of the Course, Participants Will Learn:

• The principles and best practices of budgeting, forecasting, and business planning
• Techniques for creating and managing accurate budgets that support business goals
• How to apply quantitative and qualitative forecasting methods to predict future performance
• The role of economic modelling in business decision-making and strategic planning
• How to integrate and communicate financial plans effectively within a business

Course Delivery Methods

• Expert-led lectures and interactive presentations
• Group discussions and analysis of real-world case studies
• Hands-on exercises in budgeting, forecasting, and economic modelling
• Workshops on developing business plans and integrating financial strategies
• Group projects and presentations to apply course concepts in a practical setting

Course Dates and Venue locations:

The Certificate:

After attending and completing the entire ARUK training course, delegates will be issued a Certificate of Completion

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4500 £ (Inc. VAT)