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Budgeting, Forecasting and Planning In Uncertain Times

Name: Budgeting, Forecasting and Planning In Uncertain Times
ISBN: 9781940235318

by Michael Coveney, Gary Cokins

April 2017

Intermediate to advanced

240 pages

6h 12m

English

Wiley

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Cover Page
Title Page
Copyright Page
Acknowledgements
Contents
Introduction
Section 1: Background to the Planning Framework
Chapter 1: Planning Fundamentals
What is Planning?Components of PlanningPlanning in Today's Business EnvironmentThe Increasing Speed of Business and GlobalisationThe Increasing Complexity of BusinessThe Decreasing Planning Time HorizonPlanning ChallengesDissatisfaction With the Planning ProcessIssues With the Planning CultureNeed for a Holistic ApproachNeed for Better Planning TechnologiesPlanning PrinciplesPrinciple 1: Planning Connects Inputs and Outputs and is Therefore Directly Related to Organisational ActivitiesPrinciple 2: Planning is About Maintaining a Shared Understanding of the Economics of a BusinessPrinciple 3: Planning is About Shifting Focus From the Past and Onto the FuturePrinciple 4: Planning is About Aligning Budgets With Strategy to Achieve Corporate ObjectivesPrinciple 5: Planning is a Continuous ProcessPrinciple 6: Planning is a Learning ProcessObjectives of the Planning Framework
Chapter 2: Planning Methods and Methodologies
Planning: Who, What, When, and HowPlanning Within a Sole TraderPlanning as a Small ManufacturerPlanning as a Listed CompanyPlanning as an International GroupThe Rise of Management Frameworks and MethodologiesPopular Management MethodologiesBudgetary ControlQuality Management MovementLean ManagementBalanced ScorecardBeyond BudgetingPlanning and SuccessPlanning Process MaturityPlanning ObjectivesPlanning and Forecasting Maturity LevelsBasic PlanningFinancial IntegrationPartial IntegrationMatrix PlanningDynamic Planning
Chapter 3: Planning Technologies
Supporting the Decision-Making ProcessPlanning Technologies: The Spread SheetTwo or Three DimensionalCell MeaningLimited Business ViewSingle UserLack of Workflow CapabilitiesPlanning Technologies: Multi-Dimensional DatabasesMulti-DimensionalBusiness HierarchiesName-Based RulesMulti-User, Role-Based SecurityUnlimited SizeFinancial IntelligenceSpread Sheet AccessMulti-Dimensional System IssuesComprehensionComplexityData UniformityEffort and PriceModelling Tools

Section 2: Business Planning Framework
Chapter 4: Business Planning Framework
Logical Overview of the FrameworkFramework ComponentsOperating Activity Model (OAM)Cash Funding Model (CFM)Detailed History Models (DHM)Target Setting Model (TSM)Detailed Forecasting Model (DFM)Optimise Resources Model (ORM)Performance Measures Model (PMM)Strategy Improvement Model (SIM)Management ProcessesKnowledgeReporting From the Planning FrameworkCase Study OverviewAbout the Case Study OrganisationCompany StructureCompany StrategyVersions and Other Information
Chapter 5: Operational Activity Model
OverviewModel StructureMeasurement Types and RelationshipsStep 1: Define High-Level ObjectivesStep 2: Define Core Business Processes and AssumptionsStep 3: Identify Core Business Process ActivitiesStep 4: Identify Support Activity MeasuresStep 5: Define Profit and Loss and Other Financial MeasuresPutting the Model TogetherMeasures and AttributesModel DimensionsModel RulesReporting From the OAMDepartmental Outcomes, Activity, and ResourcesOutcome Versus ActivityOutcome Versus Assumptions and Resources
Chapter 6: Cash Funding Model
Model PurposeDefining the ModelModel ContentAdditional Data Requirements Within the OAMIdentifying Cash Payment Profiles Within the OAMDefining Payment Profiles Within the CFMOther Cash Measures and RulesReporting From the CFMDisplaying Cash Requirements by DepartmentEvaluating Sources of CashScenario Analysis
Chapter 7: Detailed History and Performance Measures Models
Reporting Past and Future PerformanceRelevanceContextData IssuesReporting Performance From the Planning FrameworkIdentifying DHMsCase Study—DHMsSales AnalysisHRGeneral ExpensesDefining the PMMPMM ContentPMM Business DimensionsCase Study Measures for XYZ, Inc.Reporting From the PMM
Chapter 8: Predict and Optimise Planning Models
Predicting the FutureTarget Setting Model (TSM)Driver-Based ModellingTSM Content for XYZ, Inc.Using the TSMDetailed Forecast Model (DFM)OverviewDeveloping the DFMLinking the DFM to the OAMOptimise Resources Model (ORM)OverviewCase Study Example
Chapter 9: Strategy Improvement Model
Responding to ChangeModel FocusLink to the OAM and CFMDefining SIM ContentLinking SIM Content to Management MethodologiesPlanning CapabilitiesCommunicate GoalsPropose and Validate ProjectsSelect and Approve ProjectsMonitor and Forecast ProjectsAssess Alternatives
Chapter 10: The Planning and Monitoring Process
Defining ProcessesComponents of a ProcessPerformance Management Processes and TasksStrategic PlanningPurposeTasks: Inputs, Outputs, and SequencePeople and Planning ModelsTactical PlanningPurposeTasks: Inputs, Outputs, and SequencePeople and Planning ModelsFinancial PlanningPurposeTasks: Inputs, Outputs, and SequenceForecastingPurposeTasks: Inputs, Outputs, and SequenceManagement ReportingPurposeTasks: Inputs, Outputs, and SequenceMoving Toward Continuous Planning
Section 3: Implementing a Planning Framework
Chapter 11: Latest Developments in Planning and Analytics Technologies
Corporate Performance Management (CPM) ApplicationsThe Rise of Business AnalyticsThe Next Competitive EdgeBI Versus Analytics Versus DecisionsBusiness Analytics, Big Data, and Decision ManagementPredictive Business Analytics: The Next New WaveGame-Changer Wave: Automated Decision-Based ManagementApplication IntegrationCloud-Based ApplicationsIn-Memory Chip Technology
Chapter 12: Implementing the Planning Framework
Planning and the Role of the Chief ExecutiveEntrenched Beliefs Concerning PerformanceOrganisational CultureThe Unwritten Rules of BudgetingRewarding Bad BehaviourFailure to ExecuteImplementing ChangeAgree on the Role of PlanningModel Existing ProcessesEstablish Improvement ThemesPlan-and Resource-Specific Change ProgrammesMonitor ImplementationUse Technology to Support ChangeContinually Develop the Planning Models Within the Framework
Appendix I: Cgma Budget and Planning Survey Results
Appendix II: Requirements of a Planning System

Overview

Budgeting, planning and forecasting are critical management tasks that not only impact the future success of an organization, but can threaten its very survival if done badly.

Yet in spite of their importance, the speed and complexity of today’s business environment has caused a rapid decrease in the planning time horizon. As a consequence the traditional planning processes have become unsuitable for most organization’s needs.

In this book readers will find new, original insights, including:

7 planning models that every organization needs to plan and manage performance
6 ways in which performance can be viewed
A planning framework based on best management practices that can cope with an unpredictable business environment
The application of technology to planning and latest developments in systems
Results of the survey conducted for the book on the state of planning in organizations

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