Effective Budgeting and Operational Cost Control Course
Accounting, Finance and Budgeting Training

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Effective Budgeting and Operational Cost Control Course
Course Overview:
The training course on Effective Budgeting and Operational Cost Control equips the participants with the suitable tools and techniques in relation to budgeting and controlling the costs of business operations.
The course relates the principles of the budgeting cycle, cost dynamics, process costing, techniques of budgeting and cost management including recent management practices and other aspects of the course.
The students will receive training on the formulation of profit, cash, and balance plan, performing cost-benefit analysis, and variance evaluation and corrective measures. Additionally, the course discusses strategies used in advanced cost control such as Activity-Based Costing (ABC) and the strategies of the Balanced Scorecard thus giving an all-round view in terms of both financial and non-financial performance measurement.
This course introduces the students to the functioning of budgets, systems of cost control and considerations for making sound financial decisions across business areas and is ideal for senior managers, financial planners, and others having cost and strategic analysis responsibilities.
Course Objectives:
At the end of this Effective Budgeting and Operational Cost Control Course, you will be able to:
- Understand the importance of a well-defined budget process
- Master the budgeting process
- Understand costs behavior
- Explore traditional & innovative approaches to Budgeting & Cost Control
- Analyze process costing
- Manage Balanced Scorecard
- Learn costing and budgeting terminology used in business
- Master techniques for cost-benefit analysis
- Learn how to construct profit, cash, and balance sheet plans and budgets
- Learn how to evaluate variances from the plan and identify corrective actions
- Understand discounted cash flow (DCF) techniques and their application to financial decision-making
- Build and use budgets relevant to your organization
Who Should Attend?
This Effective Budgeting and Operational Cost Control training course is ideal for:
- Senior managers who manage budgets or managers who are currently managing projects and/or contracts.
- Senior managers who control cost and budgeting for their departments or organizations will also find this course extremely beneficial.
- Financial Planning and Control Staff
- Those with direct or indirect financial responsibilities
- Those from every business discipline and department who have to run departments and budgetary plans, and who are responsible for cost and strategic analysis
- Those from all sectors of industry, irrespective of functional responsibilities, but particularly those involved in manufacturing, production, engineering, or sales
- Those working in a project management environment
Course Outlines:
Introduction: Building a Common Financial Language
- The key role of budgeting and cost control in contemporary organizations
- The 21st century business imperative: Delivering value added (but to whom?)
- Financial vs. Managerial accounting (for decision-making)
- Understand your processes: Integrating financial and non-financial aspects
- The budgeting processes
- Examples and Discussion
The Budgeting Process
- The key features of budgeting
- Advantages and concerns with budgeting
- Accountability and centers of responsibility
- Zero-based budgeting
- Budgeting and cost control
- Examples and Discussion
Cost Analysis
- Different costs for different purposes
- Fixed vs. Variable costs
- The Cost-Volume-Profit analysis model
- Contribution Margin Analysis
- Examples and Discussion
Traditional vs. Advanced Techniques in Cost-Control
- Under-costing and over-costing: The consequences for profitability
- Indirect (OH) vs. Direct costs
- Traditional Cost Allocations systems vs. Activity-Based Costing (ABC)
- Linking resources, activities, and management
- Variance analysis
- Video, Case Study, and Examples
Beyond the Budgets: Balanced Scorecards and Six-sigma
- Broadening performance measurement systems
- Beyond budgeting: Integrating financial and non-financial issues
- Introducing the Balanced Scorecard
- Introducing the Strategy maps
- Introducing Six-sigma
- Video, Case Study, and examples
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