Budgeting and Forecasting: The Shift from Traditional to Dynamic
As organizations move to agile practices that allow them to continue to compete in an increasingly volatile, uncertain, and complex environment, traditional budgeting and forecasting methods fall short. This webcast explores a more dynamic approach that will empower an organization through difficult times and on to new levels of sustainable results.
Format
Webcast
NASBA Field of Study
Business Management and Organization
Level
Basic
CPE Credits
2
Author(s)
Aubrey Joachim
Availability
3 months
Product Number
WC2977648
- Recognize that the organization’s current cost structure is key to projecting future costs in the context of revenue streams
- Identify how to project revenues based on understanding the business drivers
- Recognize the mindset shift from fixed & variable costs to mandatory & discretionary costs
- Indicate the revenue/cost relationship
- Recognize how the organization’s business model influences its dynamic budgeting approaches
- Budgeting
- Forecasting
- Revenue projection
- Cost projection
Enabling success through dynamic approaches to budgeting and forecasting
Traditional budgeting is largely based on standard costing and the assumptions of pre-determined outcomes of revenue streams. This approach results in a pre-allocation of resources based on a fixed and variable cost structure. In an increasingly dynamic and disruptive environment, this method of budgeting no longer works for many organizations.
Traditionally revenue projections are based on historic trends and assumptions that reflect circumstances at a point in time, rather than what is likely to eventuate. Both revenue and cost projections should be based on the fundamental drivers of the business, allowing them to be more reliable through predictive modelling of these drivers.
A shift from traditional processes to a more dynamic methodology requires a mindset change in business leaders and managers. In this, they will recognize that business outcomes are dynamically influenced by external and internal change, rather than pre-determined positions.
Join this webcast to explore a more dynamic approach to budgeting and forecasting that can empower an organization through difficult times and on to new levels of sustainable results.
- Management accountants
- Finance professionals
- FP&A professionals
- Controllers
- CFOs
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