Course Outline

Course Outline

Budgeting & Cost Control: Modern Methods for Better Decision Making

Ref No. Dates Venue Fee (US$)  
FI 002 21 - 25 Apr 2019 Dubai 4500 Register
FI 002 02 - 06 Sep 2019 Istanbul 5000 Register
FI 002 22 - 26 Dec 2019 Dubai 4500 Register

Budgeting & Cost Control: Modern Methods for Better Decision Making

Introduction

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.

PROCLAD Academy’s Budgeting & Cost Control: Modern Methods for Better Decision Making 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.

The key features of PROCLAD Academy’s Budgeting & Cost Control: Modern Methods for Better Decision Making training course are:

  • Planning and Budgeting
  • Cost Control
  • Capital Budgeting
  • Cost-Volume-Profit Analysis
  • Breakeven Analysis
Learning Objectives

Upon completion of PROCLAD Academy’s Budgeting & Cost Control: Modern Methods for Better Decision Making training course the participants will be able to:

  • 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

PROCLAD Academy’s Budgeting & Cost Control: Modern Methods for Better Decision Making training course is designed for:

  • 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

PROCLAD Academy’s practical and results-oriented Budgeting & Cost Control: Modern Methods for Better Decision Making 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.

Course Outline
  • 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 Porter’s 5 Forces, SWOT and PESTLE
  • Aligning budgeting to the Organization’s strategy Case studies and exercises
  • 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
  • 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
  • What is budgeting?
  • Planning, co-ordination 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
  • 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