Fiscal management and control
This chapter covers financial management, which is based on the planning, organising, directing and controlling of all relevant financial activities associated with the running of the training department. In some instances, this is undertaken in conjunction with a dedicated corporate finance department.
Typically, it covers investments regarding fixed assets known as capital budgeting, staffing and operational costs, with requirements to achieve one of the following:
- Generating an agreed level of profit through income generation, known as P&L management.
- Delivering an income stream from agreed internal and external resources that balances the costs, referred to as breakeven management (also referred ...