Course details

Overview ?

Why Choose this Course?

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.

In addressing these issues, this course is relevant for those professionals and analysts facing the difficult challenge of improving performance while reducing costs of those processes for which there are accountable.

This course will feature:

The management system in practice;
Budgeting practices;
Traditional and innovative tools for budgeting and cost control;
Multiple cost analysis for different purposes;
KPIs and the Balanced Scorecard.

What are the Goals?

Master the budgeting process
Understand costs behavior
Explore traditional & innovative approaches to Budgeting & Cost Control
Analyze process costing
Manage balanced scorecard

Who is this Course for?

This course is suitable to a wide range of professionals but will greatly benefit those with direct or indirect budget responsibilities within a Team, Department or Division. Moreover, the course is suitable to first appointment professionals on fast-track development programs, and to professionals from every business discipline and department who have to run budgetary plans, and who are responsible for cost and strategic analysis, including:

Financial Planning & 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

How will this be Presented?

The course combines theory and practice. Therefore, besides in-class lectures, discussions and exercises, we use company examples to illustrate how the techniques presented have been applied in real case studies. The purpose is to use a mix of proven learning techniques to ensure maximum understanding, comprehension and retention of the information presented.

The Course Content

Day One

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 & Discussion

Day Two

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 & Discussion

Day Three

Cost Analysis

Different costs for different purposes
Fixed vs. Variable costs
The Cost-Volume-Profit analysis model
Contribution Margin analysis
Examples & Discussion

Day Four

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 Five

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

Day 1

Day 2

Day 3

Day 4

Day 5

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