Effective Financial Management

Course Description

Learn the basics of budgeting, cost analysis, and financial decision-making in manufacturing settings.

Course Content:

• Introduction to financial principles in manufacturing
• Creating and managing budgets
• Calculating COGM and its importance
• Understanding income statements and profitability
• Key performance indicators for manufacturing
• Basics of financial forecasting
• Real-world examples of financial decision-making
• Introduction to software and tools for tracking finances
• Practical session on developing budgets for projects
• Techniques for assessing financial health
• Applying financial concepts to decision-making
• Developing and presenting a comprehensive financial plan

Applications and Hands-On:

• Identifying key financial metrics in case studies
• Developing a budget for a hypothetical project
• Analyzing COGM for a sample production process
• Creating a mock profit and loss statement
• Calculating and interpreting KPIs for case studies
• Creating a simple forecast using provided data
• Analyzing financial outcomes of a manufacturing scenario
• Using spreadsheet software for cost analysis
• Team-based budgeting exercise
• Conducting a financial performance review
• Mock decision-making scenario using financial data
• Group presentations of financial plans

Resources Provided:

• Financial templates
• Case studies
• Spreadsheet software