Budget Fundamentals

This session is designed to provide an understanding of budgeting processes, cost management, and variances in an organization. Ideal for managers, and anyone involved in the financial planning and decision-making processes within an organization, by the end of the course, participants will have the confidence and capability to contribute to a more structured and effective budgeting process.

By the end of this session, you will be able to:

• Define the different types of budgeting in an organization

   

• Describe how costs behave and the impact they have on your budgets

• Use a 4-stage process for setting and managing budgets

   

• Understand what you need to know about variances

• Gain an understanding of the difference between operating, capital and cash budgets
• Use a 4-stage process for setting and managing budgets
• Explore various types of costs – fixed, variable, semi-variable, step, direct, indirect and marginal
• Examine key budget variance categories
• Learn how different types of cost behave in relation to business activity levels
• Recognise the impact of each cost type on the budget and how to plan and manage them effectively
• Understand the impact of each cost type on the budget and how to plan and manage them effectively