Course description
The effective management of budgets and operational cost is a key aspect in leading and managing organizations. Nowadays, if contemporary organizations want to stay competitive, they are urged to think, plan and act in terms of value added to customers and shareholders. Along this line, budgeting, as well as tracking, controlling & reducing cost represent essential activities to be performed and monitored as strategies get executed.
To ensure effective financial management of a department or and even the entire organisation, there is the need to prepare a realistic budget and ensure compliance with the approved budget. Furthermore, to ensure this compliance, operational costs need to be monitored and controlled so that as to ensure financial discipline.
Upcoming start dates
Upcoming start dates
Suitability - 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
Outcome / Qualification etc.
By 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 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 organisation
Training Course Content
Day 1
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 process
- Examples and Discussion
Day 2
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
Day 3
Cost Analysis
- Different costs for different purposes
- Fixed vs. Variable costs
- The Cost-Volume-Profit analysis model
- Contribution Margin analysis
- Examples and Discussion
Day 4
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
Day 5
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
Request info
London Premier Centre
London Premier Centre is a UK leading training provider based in London and specialises in international short courses. Our inspiring, comprehensive portfolio of more than 400 professional development courses and seminars covers a wide range of professions from Administration, Leadership,...