New Age Budgeting
Few would argue that traditional budgetary processes are time consuming, creaking at the seams, lacking transparency and insights, and add little value. Yet the majority of organisations still pursue budgetary processes that were developed 90 years ago in an age of much greater stability and certainty. This module explores today's shortcomings, the real needs for the 21st Century and alternate approaches.
- Identify the shortcomings in traditional budgetary processes and why should we change
- Describe the real purpose of a budget and what a good budget should seek to achieve
- Recognize how costs are really driven and the impact on our cost understanding and forecasting
- Define budgetary alternatives being practiced today - Rolling forecasts / flexible budgets, Zero Based Budgeting, Activity or Driver Based Budgeting and Output Budgeting.
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