Balance short-term profitability with long-term value creation to manage projects more effectively.
Engineers are often required to be conversant with the terminology and statements that accountants use. Technical expertise in projects, service delivery, production or other areas can only be fully realised if engineers understand the accounting and reporting processes that drive businesses.
‘Financial Management’ enables participants to upskill in financial, management and project accounting. Develop what-if models and gain a deeper appreciation of the impact of decisions on financial measures.
Upon completion, you’ll be able to assess the financial health of an organisation and interpret financial information in order to inform your own decision-making.
You can upgrade this course to a CMI Level 5 qualification. To find out how, visit imeche.org/CMItraining/Level5.
This course will be delivered using interactive virtual classroom technology. It comprises two 6-hour virtual classrooms (VC).
Who should attend?
Engineers and non-engineers at all levels responsible for projects, service delivery or production, financial management will help you determine the correct balance between risk and profit maximization
How will I benefit?
After the course you will be able to:
• Understand the main financial statements; profit and loss, balance sheet and cash flow
• Recognise the critical importance of cash flow and working capital
• Manage resources more effectively
• Develop and manage budgets
• Know how to evaluate opportunities and when necessary cut the right costs
• Determine and better manage Key Financial Indicators (KFIs)
• Undertake what-if analysis to better understand risk
• recognise the financial impact of 'soft' performance drivers - relationships, culture, skills, brand and knowledge
• Build robust business cases and justify investment decisions – for equipment, marketing, new staff, training
• Balance short-term profitability with long-term value creation
• Understanding financial statements - profit and loss & balance sheet
• The importance of cash flow
• Managing working capital - debt, credit and inventory
• Developing a "what-if" sensitivity models.
• Allocating cost
• Approaches to budgeting
• Analysing financial performance - profitability, liquidity, financial status
• The role of the Balanced Scorecard in achieving financial targets
• Project finance and capital budgeting
• Value Management and economic profit