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FP&A Today
All your Budgeting and Forecasting questions answered: the Sequel!
Nov 7, 2023
In this sequel episode of FP&A Today, guests Alejandra Boggione and Andrew Childress answer new burning budget and forecasting questions. Topics include budgeting in consulting firms, the link between forecasting and modeling, preparing for the budget ahead of time, static annual budget vs rolling forecast, challenges of getting funding for finance technology, and exploring Excel's versatility.
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Quick takeaways
- Scenario planning helps businesses proactively identify risks, develop contingency plans, and make informed decisions based on different potential outcomes.
- Aligning the financial plan with the operational plan through communication and collaboration between departments optimizes resource allocation and goal achievement.
Deep dives
Scenario Planning: Best Case, Worst Case, and Reality
Scenario planning involves creating best case, worst case, and reality scenarios to anticipate potential outcomes. By considering different possibilities, businesses can be better prepared for any situation. Best case scenarios reflect optimistic projections, while worst case scenarios explore possible challenges or setbacks. Reality scenarios provide a realistic view of the business's situation. Scenario planning helps businesses proactively identify risks, develop contingency plans, and make informed decisions based on different potential outcomes.
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