BT 221 Budgeting for Managers

Course topics include: budget creation, parts of a budget, gathering information for budgets, creating a product budget, planning and budgeting a project, presenting the budget, budget tracking, HR budgets, small business budgets, and human behavior in relationship to budgets.

Credits

4

Prerequisite

BT 165 or BA 211Z. Recommended: BT 123

Course Learning Outcomes

Upon successful completion of this course, the student will be able to:
1. Understand the role of budgets in planning, implementing and controlling to achieve organizational goals
2. Understand the trade-offs between budgets as a planning tool versus a controlling tool
3. Be able to identify cost, revenue and profit centers and understand the potential uniqueness of budgeting for each
4. Be able to complete the process of designing and creating a budget
5. Have a basic understanding of the technology and other tools commonly used in budgeting
6. Define the key components of a successful budget
7. Explain the use and application of an operating budget
8. Define the process and techniques of budgeting, including the types of budgets (static, flexible, incremental, zero based)
9. Apply cost behaviors (fixed, variable and mixed) to the budgeting process
10. Be able to prepare a budget based on data and criteria that reflect the relational nature of key variables
11. Understand the relationships and uses of current financial statements, pro forma statements, budgets, forecasts and financial modeling
12. Understand budget gaming and the behavioral aspects of budget development and implementation
13. Be able to monitor budgets and utilize variance analysis to practice management by exception
14. Understand conceptually some of the mathematics applied to budgeting, forecasting and projecting for organizations