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Budgets outline how an organization's financial resources will be allocated, and are therefore essential in giving a sense of direction in an organization's day-to-day activities. In today's business world, dealing with budgets is no longer only the responsibility of the finance department. Professionals in every department deal with budgets in one way or another, and a basic familiarity with the fundamentals of budgeting is expected of you. In this course, you will learn about the characteristics of an effective budget, the different stages involved in planning a budget, and how to distinguish between different types of budgets. You will also be introduced to historical and zero-based budgeting, and explore the fundamentals of budgetary variance analysis.

Learning Objectives
  • Recognize the attributes of an effective budget
  • Recognize the phases of the budgetary planning process
  • Distinguish between different budget elements and the type of budget to which they apply
  • Recognize the advantages and disadvantages of historical budgeting
  • Recognize characteristics, advantages, and disadvantages of zero-based budgeting
  • Recognize variances that are worth analyzing
  • Recognize the key characteristics of the three methods for capital budgeting
  • Match the formulas for Payback Period and Net Present Value to the budget calculation each is used to perform
  • Audience

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