Who should attend
This interactive seminar is designed for professionals with direct or indirect financial responsibilities from every business discipline who are responsible for budgeting and costing. Those involved in manufacturing, production, engineering or sales; for professionals working in a project management environment and for quality specialists will also find this program invaluable.
About the course
The effective management of budgeting and cost control is crucial for project/process-based organizations. Nowadays, if contemporary organizations want to stay competitive, they are urged to think in terms of process-value added to customers/shareholders. Along this line, budgeting, as well as tracking, controlling & reducing cost represent essential activities to be performed and monitored by organizations as they implement their key processes, activities and operations. In addressing these issues, this course is relevant for those professionals & analysts facing the difficult challenge of improving performance while reducing costs of those processes for which there are accountable. By combining techniques analysis, problems and examples with real case studies the course provides delegates with key cost awareness and budgetary skills, which is essential managing and controlling processes/projects in times of increasing global competition where the budgets are inextricably linked with both strategy formulation and cost analysis.
## Course Objectives
ntegrate the organization's strategic planning with budgets and processes of cost control
Understand the importance of project management, appraisal, planning
Explore traditional versus innovative budgetary techniques
Get to know activity-based budgeting (and costing)
Explore capital budgeting techniques & cash flows
Identify key financial indicators for the business, and how and when to monitor them
Discuss the problems and limitations of budgetary control and look for alternative tools
Understand the importance of balancing financial and non-financial measure in managing projects
Interpret budgets and performance measurement as communication tools
Link budgetary processes with quality issues and business process improvement
## Course Outline
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?)
Towards a cross-functional process-view of the organization
Financial vs. Managerial accounting (for decision making)
Understand you processes: integrating financial and non-financial aspects
Identify the key processes/projects for your own organization
Video, Examples & Discussion
Budgeting and Cost analysis
Cost concepts and terminology
Different costs for different purposes
Fixed Vs Variable costs: the Cost-Volume-Profit analysis model
Contribution Margin analysis
Manufacturing vs. non-manufacturing costs
Period Vs. Product costs: inventory evaluation and control
Traditional vs. advanced techniques in cost-control
Under-costing and over-costing: the consequences for profitability
How to refine a costing system?
Indirect (OH) Vs. Direct costs: Traditional Cost Allocations systems Vs. Activity-Based Costing (ABC)
Cost hierarchy & Cost drivers
Linking resources, activities and management
Introducing Activity-Based Budgeting (ABB) and Management (ABM)
Video, Case Study and Examples
Master Budget, Flexible budgets and Variance Analysis
Define the master budget and explain its major benefits to an organization
Describe the difference between a static budget and a flexible budget
Compute flexible-budget variances and sales-volume variances
Discuss the behavioral implication of budgeting
The budgeting process in your organization: how to improve it?
Which tools shall we use to complement budgeting and costing?
Problems, Case Study and Exercises
Beyond the Budgets: Balanced scorecards and Six-sigma
Broadening performance measurement systems
The key role of customer satisfaction and business process reengineering
Beyond budgeting: integrating financial and non-financial issues
Introducing the Balanced Scorecard
Introducing the Strategy maps
Video, Case Study and examples
Videos and materials
Because of COVID-19, many providers are cancelling or postponing in-person programs or providing online participation options.
We are happy to help you find a suitable online alternative.