Nationwide Executive Delivers Keynote at ASMI’s 2007 Budgeting and Forecasting Masters
At ASMI’s recent Budgeting and Forecasting Masters, Mack Ferguson presented a dynamic session on Economic Value Added for forecasting. As president of Stern Stewart for the Americas, Mack joined us with extensive knowledge and provided a solid foundation for deploying EVA into the forecasting process. Review his presentation to establish an understanding of the EVA formula and economic value management. Use EVA to monitor growth in shareholder value and new business opportunities. Gain the resources used to overcome traditional measures and better drive value. VIEW PRESENTATION
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Economic Value Added: Utilizing EVA as a Performance Measure for Forecasting Corporate Financial Outputs
This past November, Lynda Butler, Vice President of Enterprise Performance Management at Nationwide Insurance delivered the keynote address on Budgeting and Forecasting: Establishing a Solid Foundation. Learn from her presentation the required foundations needed to enable strong strategic business planning, bugdeting and forecasting capability while discovering a best practice approach toward successful implementation forecasting and planning techniques. Find this interesting? Join us for Budgeting and Forecasting Masters 2008 in San Diego February 11-13 to learn more tips from leading experts. VIEW PRESENTATION
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Small Organizations Taking Advantage of Financial Analysis
Many organizations don’t turn to financial analysis for anything more than reading through the balanced sheets. Financial analysis is generally seen as nothing more than a tool for monitoring costs and projecting revenue. With the right knowledge and understanding, however, it can become one of your organization’s greatest assets by taking decision making to a new level. It can provide concise, detailed information for investing purposes and pricing for even the smallest organization. Review the ratios that can aid in this process. READ MORE
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Evaluating, Improving and Reporting Foundation Results
Recently, Kevin Bolduc, Vice President of Assessment Tools at the Center for Effective Philanthropy delivered a presentation to guide foundations in the measurement and evaluation of their impact of their programs and contributions. The session covered relevant stakeholders and their specific interests in results, comparative data sources to ensure information integrity, and methods to ensure the validity of performance information through data standards. The Center for Effective Philanthropy’s mission is to provide management and governance tools to define, assess, and improve overall foundation performance. Please view the presentation
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Insight on the Ethics of Finance’s Evolving Role in Business
We’ve come to think of ethics as a black and white, straight-forward concept. However, in business, as in life, the ethical decision is not so straightforward. By definition, ethics are the standards of behavior that involve issues of right and wrong and/or the processes for determining standards of right and wrong. Ethics evolve out of a desire to improve the overall quality of life (or an organization’s culture for example). In order to achieve this, goals, values and ethical reasoning are developed.
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Firm Valuation
Firm valuation can be helpful when evaluating the decision to buy, sell or combine organization to improve financial success, growth or productivity. This information can also be helpful when reporting to shareholders or seeking out new investors. READ MORE
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Former Director of Jamba Juice Speaks on Strategic Budgeting
Chris Soderquist recently joined the American Strategic Management Institute for a conference on Strategic Budgeting. Among other industry leaders such as Bob Paladino, the former SVP of Crown Castle, Henry Hirschel, Director of Information Technology at Club One and Paul Salow, Chief Department Administrator at the University of Michigan Medical School he discussed the value behind aligning budgets to corporate planning. ASMI pulled Chris aside to ask him some general question regarding common mistakes when implementing strategic budgeting and the roles created within the firm to pull off a strategic budgeting process.
READ THE Q&A
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The Truth behind Fundamental Analysis
So, what common fundamental pieces of information are used to analyze stock performance on behalf of the investor? Under this method, fundamental analysts look at information ranging from cash flow to return on assets. READ MORE
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TDC – Accounting For More than the Obvious
Knowing TDC can help assist with management decisions and cost justification. Generally this term refers to manufacturing industries where there occurs a time when machinery is not in operation. True downtime costs can capture the costs incurred when manufacturing is at a halt. READ MORE
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Three Theories Used When Making Finance Decisions
There are three common theories used in corporate finance when under-going projects that must be supported with financial backing. Whether or not this financial backing is understood by investors or the company itself, it is clear to understand the difference between these theories and which one your company follows when deciding which projects will be undergone first. READ MORE
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Bob Paladino Speaks on Measuring the Effectiveness of the BSC on Rolling Forecasts
Bob Paladino, a member of the Global Balanced Scorecard Hall of Fame earned on behalf of Crown Castle and founder of Bob Paladino & Associate, LLC, recently spoke at ASMI’s Budgeting and Forecasting Masters. Paladino focused on creating and implementing balanced scorecard based budgets. See what he had to say when The Performance Journal asked him how specifically the BSC results in a more productive budgeting process. READ MORE
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Asking the Experts about Financial Management
We again interviewed Henry Hirschel, Director of Information Technology at Club One. Henry holds multiple academic degrees, including a master’s degree in Business Administration in Accounting/Management. This month, we spoke with Henry about what information finance needs, and how organization’s can plan, justify and manage resource allocations. READ MORE
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Budgeting Integration and Strategy Execution
The American Strategic Management Institute’s Performance Conference in Orlando took a comprehensive view of performance management. Lawrence Serven, president of XLerant, presented a session on “Budgeting Integration and Strategy Execution,” highlighted many techniques organizations can use to overcome the gap in linking budgets to organizational strategy. READ MORE
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Structured Forecasting and Its Value for Success
The American Strategic Management Institute’s Budgeting and Forecasting Masters event in San Diego focused on best practices to help organizations efficiently and strategically deploy financial resources and improve accountability for the responsibility of financial management. Joe Smith, from Coca-Cola Enterprises’ presentation, “Structured Forecasting and Its Value for Success,” was referred to as “thought provoking” and “very practical and applicable.
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Asking the Experts about Financial Management
This month in our Financial Management section, we interviewed Henry Hirschel, Director of Information Technology at Club One. Although much of Henry’s background is in IT, he holds multiple academic degrees, including a master’s degree in Business Administration in Accounting/Management. We spoke with Henry about the role of finance in an organization, and what information drives financial processes.
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The Relationship between Enterprise Risk Management and Strategic Planning
At the American Strategic Management Institute’s Corporate Strategic Planning event this month, Mervyn Sambles’ presentation on Strategic Planning and its role in Enterprise Risk Management held a few “ah ha!” moments for the crowd. He described how Fluor’s strategic development process analyzed it’s strategic mission, values and objectives, and determined whether strategic decisions were in alignment with those principles.
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The Politics of Budgeting and Forecasting
ASMI’s Budgeting and Forecasting Masters Summit was held February 12-13 at the Coronado Marriott in San Diego. Although there were many interesting sessions, George Alexander’s discussion of the politics involved in budgeting and forecasting and how to prevail over it was not only engaging but informational. He helped translate the importance of change management when it comes to development and implementation of new budgetary and forecasting methodologies. He also addressed how to utilize change management to assess readiness and ability for change within the workforce culture. Read More. READ MORE
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The Federal Reserve Bank Of Philadelphia Implements
Its Own Process For Enterprise Risk Management
In 2003, the Federal Reserve System emphasized the importance of risk management by creating an ERM guidance document providing direction and defining a common risk language. In 2004, Spyro Karetsos, the Philadelphia Fed's enterprise risk management officer, developed an ERM implementation guide to plan Philadelphia's approach to integrating existing risk-based practices and tools. This ERM plan is being developed for the bank to strengthen its own risk management practices and is in no way a prescription for the financial institutions the Fed supervises. The effort does show banks throughout the U.S. that what's sauce for the goose is sauce for the gander. Similar efforts are being undertaken at banks throughout the Federal Reserve System. In fact, one of Karetsos's roles has been to pull together the ERM initiatives of all entities in the Federal Reserve System to provide a high-level enterprise view of risks and associated mitigation activities. READ MORE
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Six steps to improving your planning
and budgeting system
For many organizations, planning and budgeting is an annual ritual. Once a year a letter goes out from head office describing the company’s expectations, shortly followed by a budget pack to be completed by a predefined date. Once a year these packs are completed and returned, and then the annual negotiation begins in earnest. Head office wants more and the subsidiaries know this, so they have kept something back. But Head Office know they have kept something back, so are trying even harder to increase the budget. Eventually the negotiations conclude and the budget is set for the next twelve months and everyone breaths a sigh of relief and finally gets back to running the business again.
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Financial Services Corporate Performance Measurement: What’s Hot and What’s Not
“It has been said that there has not been an original idea in banking in the last 50 years. Well, I don’t necessary agree with this, but there is one thing for sure. We all watch what others are doing, and we move in herds. This is most evident when it comes to technology. There are early adopters and slow adopters, but we all adopt.
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| The Center for Budget and Financial Management promotes excellence, transparency and accountability by providing the strategies and tools necessary to solve financial and budgetary issues. Turn your finance department into a proactive part of your organization through effective budgeting, planning and forecasting techniques. |
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2008 Balanced
Scorecard Summit
June 25-27, 2008
Washington, DC
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Rolling Forecasts 2008
July 21-22, 2008
Washington, DC
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Budgeting and Forecasting Masters 2008
September 8-10, 2008
Boston, MA
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The 2008 Operational Risk Management Summit for Banks
October 15-17, 2008
Washington, DC
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The Performance
Conference 2008
October 20-22, 2008
Las Vegas, NV
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Please see our Events section for more listings
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