COURSE OVERVIEW:
Many projects require money in order to achieve their objectives. If everyone can see that financial decisions have been made carefully, and that there is enough money for the project, they will take your plans more seriously. You should then find it easier to get people to commit their time and expertise.
If you are not the budget holder, you will probably need to make the financial case for why management should invest in your project. You should show how the time and resources you need will offer good value for money.
The purpose of the financial case is to ascertain the affordability and funding requirements of the preferred option and to demonstrate that the recommended program and its supporting projects are affordable.
This involves determining the funding and affordability of the proposed program and its supporting projects on the organisation’s income and expenditure account, balance sheet and prices for its services (if applicable).
In our daily lives we need to decide how to spend our money and set priorities. Do we buy the latest home entertainment system or is it better to take our family on holiday? It would be good if we could do both but there is usually not enough money to go around.
Businesses and non-profit-making organisations have the same problem. If a business buys a machine which is the most efficient on the market and will give it a competitive advantage, this will add to profit, which will benefit owners and shareholders. But perhaps the purchase means deferring a pay rise for employees and will lead to unrest. In spending money, the business must make choices and weigh the costs and benefits of each option.
In this course we will look at ways of evaluating projects in financial, and other terms and how to prepare a financial case. It includes many exercises to help build more understanding of this topic.
When you have completed this course you will be better able to: understand the ways in which changes and ideas develop into projects, use techniques to appraise investment (cost and benefit analysis techniques) and prepare and present a financial case.
LEARNING OUTCOMES:
By the end of this course, you will be able to understand:
· What is a financial case?
· The importance of making a financial case
· The purpose of the financial case
· What the financial case involves?
· How ideas arise from changes?
· How ideas turn into viable projects?
· How to identify changes in the organisation?
· The need to make a financial case for change
· The forces for change
· The SWOT analysis
· The PESTLE analysis
· How to identify the time for change?
· Change within the stages of product or service life cycle
· How are projects selected?
· What can go wrong in projects?
· The process of project evolution
· The typical problems which arise with projects
· The analysis of costs and benefits
· The committed and discretionary costs
· The capital and revenue costs
· How savings can be made on future revenue costs?
· The payback period technique
· How to gather information for analysis?
· The return on investment
· The profit-based measures
· The information gathering process
· The non-financial cost-benefit analysis
· What are externalities?
· How externalities can also be social benefits?
· How to present a financial case?
· The right presentation
· How to select information for the right project?
· The stages of getting a project up and running
· How to submit the financial case?
COURSE DURATION:
The typical duration of this course is approximately 2-3 hours to complete. Your enrolment is Valid for 12 Months. Start anytime and study at your own pace.
COURSE REQUIREMENTS:
You must have access to a computer or any mobile device with Adobe Acrobat Reader (free PDF Viewer) installed, to complete this course.
COURSE DELIVERY:
Purchase and download course content.
ASSESSMENT:
A simple 10-question true or false quiz with Unlimited Submission Attempts.
CERTIFICATION:
Upon course completion, you will receive a customised digital “Certificate of Completion”.