Training Effective Budgeting & Cost Control

Training Effective Budgeting & Cost Control

INTRODUCTION

This program offers an opportunity to acquire and then deploy new skills and ideas to achieve improved financial operations and strategies. The knowledge acquired will enhance the budget process and control processes through a variety of strategies and techniques that will provide new insights to how financial performance can be enhanced.  In this programme you will participate in many aspects of modern thinking. It describes budgets and models as a key element of management and financial strategy. Participants will learn the analysis of opportunities, risks and rewards in the context of Capital Projects. They will also learn about controlling costs by analysis, modelling, KPI’s and review of the cost drivers

PROGRAMME OBJECTIVES

• Acquiring costing and budgeting terminology and techniques
• Understanding the importance of a well-defined budget process and create budgets relevant to your organisation
• Examining role of finance in budgeting and cost control
• Mastering methods for risk, payback and cost-benefit analysis
• Understanding the effective capital management after completing cost and budgeting processess

WHO SHOULD ATTEND?

• Financial Professionals
• Sales/Marketing Professionals
• General Accounting Professionals
• Business Unit Professionals
• Anyone who wants to refine and advance their budgeting and costing knowledge

PROGRAM OUTLINE

• • Cost, Expense and Budget Relationship
  • Role of Cost Management and Budgeting for Managerial Decisions
  • Cost Terminology, types and components of costs
  • Types of Budgets

• • Cost Drivers
  • Cost allocation and apportionment
  • Standard Costing Calculation
  • Activity-Based Costing Calculation
  • Cost and Quality

• • Building a Master Budget
  • Flexible Budgets
  • Budgetary Control and Variance Analysis
  • Role of Finance in cost control: Key Performance Indicators
  • Balanced Scorecards: Strategic-Based Control

• • Cost Behavior Analysis
  • Role of Cost in Pricing, full and marginal costing pricing
  • Break-Even and Target Income
  • Sensitivity Analysis
  • Inventory Management

• Time Value of Money 
• Cost of Capital and Hurdle Rate for capital projects
• Valuation Technics (Net Present Value, Internal Rate of Return, Payback Period)
• Probability Models to Evaluate Projects (Monte Carlo Simulation, Stress Tests and Value at Risk Models)