Budgets and Projections in an Uncertain World: Dancing in a Storm

Overview

All we really know is the past but all that really matters is the future. Traditionally, the controller’s job focuses more on looking backwards while the CFO looks to the future to drive the organization forward--two different perspectives. Leaders depend on us to present a cogent and reasonably accurate forecast in order to make sound decisions. Whether we call our plans budgets, projections, forecasts or business plans, we are trying to predict the future without a magic crystal ball, tarot cards or a Ouija board. We will discuss ways to help make the best estimates we can, but there is one thing we know: We will be wrong! We will also examine the rapidly changing world we live in and how our organizations and how lessons from our collective past can help us find opportunities and adapt to our ever-changing environment. 

This course qualifies for reimbursement through the state’s Workforce Training Express Fund. As of April 7, 2025, the state’s Workforce Training Express Fund suspended reimbursements for training costs to Massachusetts businesses. While we don’t have a confirmed timeline for the program to resume, it will likely be sometime this summer. We will continue to monitor this closely and encourage you to visit the state’s Workforce Training website for the most current updates and guidance. 

This course qualifies for reimbursement through the state’s Workforce Training Express Fund. Firms/companies with fewer than 50 staff can be reimbursed up to 100% of the cost of training and firms/companies with 50-100 employees can be reimbursed up to 50% of the cost of training. You must register for the course and apply for reimbursement through the Workforce Training Express Fund website a minimum of three weeks prior to the start of the course. The course code for this program is C-13322. To learn more, click here or contact Julia Ekelund at jekelund@masscpas.org.

Highlights

Why our forecasts have been wrong so often and what we can do • Why our world is so unpredictable • Alternative approaches and techniques to improve the forecast • New analytical tools to deploy, including Big Data and AI • How to effectively communicate your forecast • How to change the thinking behind the forecast to improve accuracy • Where to look for better sources of information in your forecast • Should the forecast be complex? • Best practices in forecasting

Designed For

At least six (6) months of professional financial statement analysis experience, or at least six (6) credit hours of corporate finance classwork at an accredited university. Experience with the budget process will be very helpful.

Objectives

We will also examine the rapidly changing world we live in and how our organizations and how lessons from our collective past can help us find opportunities and adapt to our ever-changing environment.