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EI oil and gas training 2015 www.energyinst.org/trainingEI oil and gas training 2015 www.energyinst.org/trainingBudgeting, planning and forecasting for the oil and gas industry 2325 June 2015, London,

How to fill out budgeting planning and forecasting

How to fill out budgeting planning and forecasting:

1. Start by gathering all relevant financial information, such as income statements, balance sheets, and cash flow statements. This will serve as the basis for your budgeting and forecasting process.
2. Identify your financial goals and objectives. Determine what you want to achieve in terms of revenue, expenses, profitability, and cash flow.
3. Create a detailed budget that includes all income sources and expenses. Estimate your revenues based on historical data or market research, and allocate your expenses across different categories.
4. Take into account any external factors that may impact your budget, such as economic conditions, industry trends, and regulatory changes. This will help you make more accurate forecasts.
5. Monitor your budget regularly and compare your actual performance against the budgeted amounts. Identify any variances and analyze the reasons behind them. Adjust your budget and forecasts accordingly.
6. Involve stakeholders in the budgeting and forecasting process. Seek input from department heads, managers, and other key personnel to ensure their buy-in and alignment with the financial goals.
7. Review and update your budget and forecasts periodically, especially in light of any major changes in your business or the market. This will help you stay proactive and responsive to evolving conditions.

Who needs budgeting planning and forecasting:

1. Businesses of all sizes and industries can benefit from budgeting planning and forecasting. It helps them set financial goals, allocate resources, and make informed decisions.
2. Startups and entrepreneurs rely on budgeting and forecasting to secure funding, manage cash flow, and demonstrate long-term viability to investors.
3. Large corporations use budgeting and forecasting to guide strategic planning, assess performance against targets, and make investment decisions.
4. Nonprofit organizations need budgeting and forecasting to manage donor funds, plan fundraising activities, and ensure financial sustainability.
5. Individuals can also benefit from personal budgeting and forecasting to track expenses, save for goals, and plan for retirement or major life events.

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