Mastering Financial Management and Budgeting Skills:
A Skills Training Workshop for Middle Managers
Effective financial management and budgeting skills are crucial for any organization, and middle managers play a key role in this process. In this workshop, we will explore various frameworks and strategies for managing finances and developing budgeting skills that can be applied in the workplace.
- To understand the importance of financial management and budgeting in the workplace
- To learn about different frameworks and strategies for managing finances and budgeting effectively
- To develop skills for implementing these frameworks and strategies in the workplace
- Definition of financial management and budgeting
- The role of middle managers in financial management and budgeting
- The basic principles of financial management, including cash flow, profit and loss, and balance sheets
- The importance of setting financial goals and creating a budget plan
- The Zero-Based Budgeting framework and its application in the workplace
- The Value-Based Budgeting framework and its role in aligning financial decisions with organizational values
- The Three-Point Estimate framework for forecasting and budgeting in project management
- Practical exercises on creating a budget plan and using the Zero-Based Budgeting and Value-Based Budgeting frameworks
- The role of financial reporting and analysis in financial management and budgeting
- Best practices for financial decision-making in the workplace
- Presentation of key concepts and frameworks
- Group discussions and brainstorming sessions
- Practical exercises and role-play
- Case studies and examples from various industries
This training will incorporate both theoretical and practical elements, with a focus on providing middle managers with the knowledge and skills they need to effectively manage finances and develop budgeting skills in their work settings. The practical exercises included in this session will provide attendees with the opportunity to apply the concepts and frameworks covered to real-world scenarios and develop action plans for implementing these strategies in their own workplaces.
(included in Half-Day and Full Day sessions)
- Zero-Based Budgeting: This framework involves starting with a “blank slate” and building a budget from scratch, rather than basing a budget on past spending.
- Value-Based Budgeting: This framework involves aligning financial decisions with the values and goals of the organization.
- Three-Point Estimate: This framework is a tool for forecasting and budgeting in project management, involving the creation of best-case, most likely, and worst-case scenarios.
- Zero-Based Budgeting can be used to reassess and optimize spending in the organization, leading to cost savings and improved efficiency.
- Value-Based Budgeting can help to ensure that financial decisions are aligned with the organization’s values and goals, leading to improved decision-making and outcomes.
- The Three-Point Estimate can be used to create more accurate budget forecasts and contingency plans in project management.
At the end of this session, middle managers will have a strong foundation in financial management and budgeting principles, and will have developed the skills to effectively implement frameworks and strategies for managing finances and budgeting in their work settings. They will be able to create budget plans, align financial decisions with organizational values, and use financial reporting and analysis to make informed decisions. They will also be able to use the Three-Point Estimate framework to forecast and plan for budget contingencies in project management. Overall, they will be equipped with the tools and knowledge to effectively manage the financial resources of their organizations.