PLANNING, BUDGETING AND CONTROL

  • Planning is the mitigation to business uncertainty and risk. As time and resources are key operating constraints in an organisation, managers create plans and budgets to manage them, so as to maximize the chances of meeting corporate objectives such as target revenue and achieving an attractive return on investment.
  • Budgets are efficient tools for managing resources and results, despite frequent misunderstanding and ineffective implementation of the budgeting process. Most executives and managers believe that budgeting is an annual accounting exercise rather than as a tool for managing resources and company performance. This misunderstanding has resulted in the ineffectiveness of budgeting and planning in many organisations.
  • The objective of this programme is to provide managers and executives with a systematic view of the budgetary system as a management tool instead of an accounting exercise, and how to use budgets in their work.