This one-day course focuses on helping participants understand essential business and financial knowledge that is critical for engineering teams and projects. It aims to help participants be more effective in understanding financial priorities, using the language of finance, managing financial resources, communicating with financial executives and generally applying financial know-how.
Please note: This course comprises selected content from the two-day Financial Acumen for Engineers program. Participants who would like a deeper understanding of finance should apply for the two-day course, Financial Acumen for Engineers.
Course objectives include:
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Target audience includes engineers and project managers who require an overview and practical knowledge of financial concepts and terminology to assist them with their day-to-day financial acumen.
Geoff Rip has extensive experience in consulting and training services, both in Australia and overseas. For more than 20 years he has designed and delivered financial acumen training programs for Australian organisations across all business sectors, including many well-known commercial and blue-chip companies. His programs have benefitted staff at all levels, from front-line sales representatives to executive managers.
Geoff has a Bachelor of Business Science (Hons) and an MBA degree, specialising in organisation development.
The morning session of the program explains the ‘Window Model’ of a business and covers concepts and principles that form the basis of accrual accounting and business finance. It will enable participants to quickly and easily make sense of two important financial statements used in commercial organisations.
The afternoon session clarifies the meaning of funds employed and introduces a practical financial model for understanding profitability and financial productivity. It will reveal the inter-relationship of key financial variables and the important ‘financial levers’ for increasing Return on Funds Employed (ROFE).
The model will be used to review the financial performance of selected Australian companies, including their use of ‘free money’.