Managerial Accounting for Strategic Planning and Control

Overview:

Introduction:

This training program delves into how managerial accounting facilitates strategic planning, informed decision-making, and effective control within organizations. Through it,  participants will explore how to leverage accounting information to optimize performance and drive business success.

Program Objectives:

By the end of this program, participants will be able to:

• Utilize managerial accounting principles for effective planning.

• Apply cost analysis to support decision-making.

• Implement control measures to manage performance.

• Interpret financial data to guide strategic decisions.

• Enhance decision-making processes through accurate accounting information.

Target Audience:

• Financial Managers.

• Accountants.

• Business Analysts.

• Operations Managers.

• Strategic Decision-Makers.

Program Outline:

Unit 1:

Foundations of Managerial Accounting:

• Overview of managerial vs. financial accounting.

• Key concepts: cost behavior, cost allocation.

• Role of managerial accounting in decision support.

• Understanding financial statements for management.

• Importance of accurate costing in planning.

Unit 2:

Cost Analysis and Budgeting:

• Types of costs: fixed, variable, and mixed.

• Cost-volume-profit analysis and break-even analysis.

• Budget preparation and variance analysis.

• Forecasting techniques for effective budgeting.

• Aligning budgets with organizational goals.

Unit 3:

Performance Measurement and Control:

• Key performance indicators (KPIs) and their applications.

• Performance measurement techniques and tools.

• Control mechanisms for managing performance.

• Analyzing variance reports and implementing corrective actions.

• Integrating performance control with strategic planning.

Unit 4:

Decision Making Techniques:

• Cost analysis for pricing and product decisions.

• Relevant costing for decision-making.

• Capital budgeting techniques: NPV, IRR.

• Decision models for investment and resource allocation.

• Strategic implications of managerial accounting data.

Unit 5:

Strategic Planning and Management Control:

• Role of managerial accounting in strategic planning.

• Techniques for aligning financial data with strategic goals.

• Implementing management control systems.

• Case studies on effective management control practices.

• Enhancing strategic decision-making through managerial insights.