Managing budgets
Featured in the The Essentials of Management training manual
By Eddie Davies
Category: Management
Credit price: 4 download credits (Single user)
This training activity is an essential ingredient for all training events that are designed to increase the participants’ ability to work out and manage their unit’s budget.
You open the training activity with a discussion focusing attention on the importance of budgets and the integral part that good financial management plays in effective management. The participants then take part in a small-group exercise which encourages them to identify the benefits of developing budgets. You then introduce them to the techniques of drawing up a budget. The participants are given the opportunity to practise and develop these skills by working in groups of three to produce a budget for one of their own work units. The exercise is reviewed and constructive feedback given. Following on from this, you then introduce them to another key area of budget management – producing a cash flow forecast. This is discussed and then the participants are given the opportunity to develop their skills in a short practice exercise. Having produced an example cash flow forecast they next identify what steps they can take when they find there is a difference between their budget and actual cash flow. You close the training activity by inviting them to consider how they may apply their learning to their work.
Who is it for: This training activity is intended for use by trainers to enable participants to work out and manage their unit’s budget.
| Resource Type: | Activity |
| Min Group Size: | 4 |
| Max Group Size: | 20 |
| Typical Duration: | 03:15:00 |
| No of Pages: | 34 |
Resources: View standard resources for Fenman training activities
Additional resources: Pocket calculators
Purpose: This training activity is intended for use by trainers as an essential ingredient for all training events that are designed to increase participants’ skills in budget management. It could also be used on more general management training in sessions which aim to introduce line managers to accounting and finance.
Download the training activity, Managing budgets as featured in the Fenman training manual; The Essentials of Management