The Basics of Budgeting
Overview/Description Target Audience Prerequisites Expected Duration Lesson Objectives Course Number
Overview/Description Running a department without understanding the budget process is like driving a car without knowing how to steer. Every manager needs a basic understanding of how to plan, use, and monitor adherence to a budget. Addressing the needs of your own budget process will help you support the financial processes and goals of your organization as a whole. In this course, non-financial managers will learn the concepts and techniques vital to the budget process, including: forecasting revenue and expenses; choosing the best kind of budget strategy, and progressively measuring the success of your plan through the use of variance reports.
Target Audience Non-financial managers who seek an introduction to budgeting
Prerequisites none
Expected Duration (hours) 2.0
Lesson ObjectivesThe Basics of Budgeting
recognize the value of adhering to an effective budgeting process in business. match budget process activities with examples. complete the preliminary activities to establish budget objectives for a hypothetical department. recognize the benefits of using a methodical budget process. implement the most favorable budget approach for a given business scenario. match two budget approaches with advantages and disadvantages. complete procedures to prepare a departmental budget that supports hypothetical company financial goals. match budget components with examples. forecast profit or loss given hypothetical company budget components. identify elements used to forecast revenue and expense. recognize the importance of monitoring adherence to budgets. improve monitoring of budget adherence by using variance reports in a hypothetical business scenario. identify the principles of effective variance report use. apply appropriate techniques for addressing revenue variances to hypothetical business situations. match techniques for addressing revenue variances with examples. Course Number:fin_01_a02_bs_enus