Effective Budgeting & Cost Control

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Venue Date Fees Join Now
Dubai - UAE , 20190714 14 - 18 Jul 2019 $3,750 Register
London - UK , 20190729 29 Jul - 02 Aug 2019 $4,750 Register
Dubai - UAE , 20191013 13 - 17 Oct 2019 $3,750 Register

COURSE OVERVIEW

In order to make better business decisions, decision makers need to understand the fundamentals of budgeting and costing. This training course has been devised to give business decision makers a good understanding on budgets, cost controls, variances and associated analysis that will lead to better decisions being made & better results being attained.

The Effective Budgeting & Cost Control training course will clarify budgeting terms; clearly explain the methodology used and cover both traditional & non-traditional budgeting methods through to newer methods and approaches. We will take the same approach with all elements of costing.

LEARNING OBJECTIVES

  • Understand the budgeting process
  • Learn the range of budgeting options
  • Understand both budgeting and costing terminology
  • Calculate more effective budgets
  • Utilize improved costing methods
  • Be in a position to devise their own budget and control system
  • Be aware of non-budget tools such as Balance Scorecards

TARGET AUDIENCE

  • All personnel involved in preparation of budgets
  • Budget supervisors
  • Operational managers
  • Productions managers
  • Financial managers
  • Others who provide and enter information
  • Anyone else who wants to understand budgets and costing within their business

TRAINING METHODOLOGY

The practical and results-oriented Effective Budgeting & Cost Control training course is based on adult learning concept. It incorporates short inspiring lectures with captivating PowerPoint slides; videos to enhance learning; ongoing discussions with action planning; ample time for Q&A; training activities to reinforce key concepts within a fun learning environment.

Pre & Post course assessments will be used to measure the effectiveness of this training.

COURSE CONTENTS

DAY 1 -Strategic and Financial Planning

  • Description:

    On Day 1 we will cover the strategic elements leading to better budgets.

  • KeyTopics:

    • What comes before the financial numbers?
    • Differences between Financial and Management accounting
    • Changing Competitive Environment
    • How strategy links to budgeting and costing
    • The need for the strategic plan
    • Mission, Vision, Goals
    • Using Porters 5 Forces, SWOT and PESTLE
    • Aligning budgeting to the Organizations strategy Case studies and exercises

DAY 2 -Factors Affecting Budgeting and Cost Control

  • Description:

    On Day 2 we will cover the manufacturing elements leading to better costing

  • KeyTopics:

    • The Product Lifecycle
    • Focus on customer satisfaction
    • The Value Chain
    • World Class Manufacturing
    • Just In Time (JIT)
    • Quality Management Systems
    • Theory of Constraints
    • Throughput Accounting
    • Target Costing Case studies and exercises

DAY 3 - Costing: From Traditional to Activity-Based

  • Description:

    On Day 3 we will drill down into the details that make costing better

  • KeyTopics:

    • Different types of costs
    • Cost centers
    • Full costing
    • Absorption costing
    • Marginal costing
    • Standard Costing
    • Break-even analysis
    • Activity-based approaches
    • Variance analysis
    • Direct product profitability Case studies and exercises

DAY 4 -Budgets and Variance Analysis

  • Description:

    On Day 4 we will span the entire range of budgets

  • KeyTopics:

    • What is budgeting?
    • Planning, coordination and communication
    • Types of Budget: Short, long, fixed, rolling, incremental, zero-based (ZBB), Kaizen
    • The Master Budget
    • Operating Budget
    • Financial Budget
    • Cash Budget
    • The Human side of budgeting
    • Sensitivity Analysis Case studies and exercises

DAY 5 - Capital Budgeting and Investment Appraisal

  • Description:

    On Day 5 we will cover the critical elements of capital budgets

  • KeyTopics:

    • The time value of money
    • Investment Appraisal Techniques:
      • Net Present Value (NPV)
      • Internal Rate of Return (IRR)
      • Payback Period
    • Exercises and case studies
    • Beyond Pure Financial Budgeting
      • Balance Scorecard
      • Six Sigma
      • Budgets and issues of motivation Case studies and exercises

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