Financial planning and forecasting

Original to this reference.

Levels

1. Awareness

You can:

• explain the annual budget-setting cycle and the difference between budget and forecast
• collect forecast information from budget holders

2. Working

You can:

• build budgets and forecasts for a cost centre or project, including staff costs
• update forecasts each month with known changes and risks
• phase budgets so that spending profiles match delivery plans

3. Practitioner

You can:

• lead budget setting and forecasting for a directorate or large programme
• model scenarios and sensitivities, such as inflation, delays, or changes in funding
• build multi-year forecasts for digital programmes, including the running costs that follow investment
• present forecasts and risks to senior managers

4. Expert

You can:

• lead the organisation's medium-term financial plan
• align financial plans with strategy, workforce, and investment plans
• advise the board on financial sustainability and the choices needed to stay within funding
• set the planning assumptions and methods used across the organisation

Closest ESCO skills

• financial forecasting (close match)
• create a financial plan (close match)
• support development of annual budget (narrow match)

Contains ESCO v1.2.1 data (https://esco.ec.europa.eu/). © European Union. Reuse authorised under Commission Decision 2011/833/EU.

Role levels that expect this skill