Finance for Non-Finance Professionals: Speaking & Using the Language of Finance in Manufacturing Operations

This course introduces finance fundamentals from an operations perspective. It will enable Operations professionals to develop the skills necessary for positive interactions with the company’s financial staff in order to drive sales, productivity, product quality, cash flow, and the profitability of the business. Knowledge and insights gained in this course will improve the alignment between the Financial and Operations metrics, by facilitating an expanded two-way flow of financial information, leading to enhanced collaboration between the departments.

Course Outcomes

•  Apply basic finance management knowledge.
• Apply this knowledge of the overall role and importance of the finance function to their job.
• Communicate effectively using standard business terminology and methods.
• Understand the relationship between financial plans and statements.
• Explain the meaning, calculation, and usage of financial terminology and processes, and demonstrate how these financial terms and processes relate to the business’s manufacturing performance metrics (Key Process Indicators – KPI).
• Apply financial terminology, reports, and methodologies in relation to operations management in order to make improved financial and operations decisions in response to the evolving skills needs of business and the associated technologies.
• Create an operating budget based on analysis, differentiating between direct and indirect expenditures, fixed costs and variable costs, etc.
•  Understand, calculate, and apply operations’ KPIs including performance, processes, productivity, inventory, throughput, and yield.
• Demonstrate why workers will achieve continued success in their current workforce position, while also utilizing these skills for advancement in their workforce career. Increasingly, financial knowledge is a key skill set for successfully running complex operations.
• Develop and utilize the skills necessary for improved alignment and positive interactions with the company’s financial staff by facilitating an expanded two-way flow of financial and operations information in order to drive sales, productivity, product quality, cash flow, and the profitability of the business.
• Develop a better understanding of the financial metrics driving their company’s overall performance, and the relationship between these financial metrics and operations’ metrics (KPI).