Frequently Asked Questions

What is this course about? This course transforms financial and accounting language and concepts into decision-making tools the non-financial manager can use successfully within their organisation. It has become essential for managers at all levels to possess a working knowledge of financial principles, especially budgeting concepts, in order to effectively communicate with members of the financial staff and executives. This intensive, three-day workshop course is designed to provide you with the knowledge required to obtain a thorough understanding of accounting terminology as it relates to the structure and workings of financial statements, enabling you to call upon a range of techniques to assess and control the day-to-day activities of budgeting, profit and cash flow. What background do I need? No formal training in finance or budgeting is required. This course is valuable for those from both the private and public sectors who wish to develop a financial toolkit to complement their existing professional or technical skills. Who will benefit from this course? This course benefits team leaders, project managers, programme managers, department heads and those with any level of financial responsibility within an organisation. Staff members looking to broaden their financial and budgeting knowledge also find this course very beneficial. I'm new at my management job. Should I wait until I acquire more experience before I take this course? Definitely not! Taking this course early in your career, even if you have no prior knowledge of finance, enables you to avoid many potential mistakes and miscommunications. The knowledge acquired in this course will provide you with the skills required to engage in a productive dialogue with those personnel involved in budgetary and other financial decisions. How much of this course is devoted to "number crunching"? This is not a "numbers" course, per se. There is a small amount of basic arithmetic using the 4-function calculator supplied in the classroom. The primary objective of this course is to provide an understanding of the concepts and vocabulary used in the financial decision-making and control process. How much does this course emphasise budgeting concepts? The ability to manage a budget is critical to a project and department's success. This course places a strong emphasis on providing non-financial managers with a fundamentally solid understanding of the role of budgeting in today's business environment. From the politics of getting a budget approved to the most effective methods to manage within budget constraints, you will learn the importance of looking at a budget as more than just numbers. Then, you will explore the various types of budgets and the intricacies of using a budget as a planning and control tool. I work for the government. Does your course deal with government accounting? This course points out the fundamental differences between public and private sector accounting so that practitioners in each sector can communicate within their organisational structure. The concepts learned in this course are, for the most part, applicable in any environment. How much time is spent on each topic? Content Hours Why finance matters 1.0 The key building blocks of financial control 3.0 Cash flow: The lifeblood of organisations 3.0 Managing a Profit or Cost Center 4.0 A manager's guide to budgeting 3.0 Pulling it all together 2.0 Times, including the workshops, are estimates; exact times may vary according to the needs of each class. Does the course cover real-world examples? This course analyses actual financial statements from leading companies to illustrate economic concepts. Team workshops reinforce the concepts taught, including: Analysing profit and loss accounts, balance sheets and cash flow statements Selecting the most profitable projects using return on investment (ROI), payback and cash flow methods Calculating a budget to achieve stated financial goals Is this course applicable to a Project Management Professional (PMP) certification? Yes. Although this course is not designed as preparation for the exam, it is beneficial to anyone working toward PMI's PMP certification. For those who are currently certified, completion of this course counts as 17 professional development units (60 units must be completed every three years to maintain certification). For more details, please see the Learning Tree PMI Registered Education Provider Q&A. How does this course relate to other Learning Tree courses? 212, Building an Effective Business Case offers the skills to analyse, create and communicate a successful business case to meet your organization's unique needs 296, Project Management: Skills for Success provides new and experienced managers with the practical skills needed to lead effective project teams 340, Project Management for Software Development  focuses on the unique aspects of software development projects 287, Strategic Project Management: Achieving Organizational Goals provides experience with using automated tools to plan and control your project as you deal with the realities of project uncertainties and change 286, Project Risk Management: Hands-On teaches you to proactively develop risk-reduction strategies to dramatically increase your chances of successful project completion 299, Microsoft® Project Comprehensive Introduction provides experience using Microsoft Project 2003 to plan project tasks, activities and make use of resources 290, Management Skills provides new and experienced managers with the practical skills needed to lead effective teams of technical professionals 297, Personal Skills for Professional Excellence enhances your ability to handle the demands you face in a technical environment 294, Influence Skills: Getting Results Without Direct Authority focuses on the specific behaviours and attitudes that enable you to achieve desired results without relying on the use of authority 247, MBA Essentials: Enhancing Organisational Performance offers the skills you need to evaluate organisational information and address business situations based on proven methods and techniques

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