Financial Budgeting Cost Accounting and Cost Analysis for Decision Making

ICTD International Centre for Training and Development

How long?

  • 5 days
  • in person

ICTD International Centre for Training and Development

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Who should attend

Anyone from non-financial discipline, needing to evaluate proposed business expenditure decisions and who need to know more about the budgeting process, plan, cost and budget during their business careers.

Financial personnel who need to evaluate plans for approval and variance reports for corrective action and those who need to improve their skills in constructing and controlling a budget.

About the course

All business decision-making involves analyzing situations containing varying degrees of risk, and the available data may be erroneous containing ambiguities and errors. It is important to understand how costs behave so that realistic plans can be produced and appropriate financial resources made available. In this programmed you will learn how to:

  • Learn new techniques and methodologies to simulate typical business scenarios
  • Identify sources of financial and business data to support the budgeting process
  • Identify the principle factors required to produce a successful business case
  • Develop budgeting and financial skills required for better decision-making

## Course Objectives

  • Use and build EXCEL spreadsheets for financial analysis

  • Understand discounted Cash Flow (DCF) techniques and their application to financial decision making

  • Learn how to evaluate variances from plan and identify corrective actions

  • Learn how to construct profit, cash and balance sheet plans and budgets

  • Master techniques for cost-benefit analysis

  • Learn Costing and Budgeting Terminology used in business

  • Understand the importance of a well-defined budget process

## Course Outline

Cost Volume Profit Analysis

  • Identifying relevant costs in complex decisions

  • Complex applications of C-V-P analysis

  • Multiple products and services C-V-P

  • Evaluating C-V-P before and after implementation

  • Special sales orders and/or segment analysis

  • Make or buy decisions

Full Costing, Marginal Costing and Activity Based Costing

  • Comparing full and marginal costing

  • Direct and indirect costs in budgeting for decision making

  • Role of costs in pricing strategies

  • Overhead allocation methods and difficulties

  • Variance analysis of materials, labor and overhead in manufacturing and services

  • Activity Based Costing (ABC) in manufacturing and services

Budget Construction and Control

  • Budgeting as a communication process

  • Nature and purpose of budgets for planning and control

  • Budgetary control and variance analysis

  • Responsibility centers: cost, profit and investment

  • Segment reporting internally and externally

Capital Costs and Investment Appraisal

  • Estimating Cash Flows within the business system

  • Understanding New Present Value (NVP) and Internal Rate of Return (IRR)

  • Defining the approval criteria and review process

  • Post-implementation audits of capital projects

  • Sensitivity analysis and uncertainty

The Need for Financial Control Business

  • Understanding Accounting

  • Management Accounting versus Financial Accounting

  • Cost behaviors in Cost-Volume-Profit scenarios

  • Breakeven and targeted net income scenarios

  • Business cases with Master Budgets

  • Benefit – Cost Analysis

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Financial Budgeting Cost Accounting and Cost Analysis for Decision Making at ICTD International Centre for Training and Development

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