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Budgeting and Cost Control

Budgeting and Cost Control

Budgeting and Cost Control is not just a requirement for modern organizations. Budgeting and Cost Control training courses will assist you to master the internal tools for coming up with and watching activities and sustaining performance over time.

All business decision making involves analyzing situations and assessing alternatives, risks, and benefits. This program offers an opportunity to acquire and then deploy new skills and ideas to achieve improved financial operations and strategies.

The knowledge acquired will enhance the budget process and control processes through a variety of strategies and techniques that will provide new insights into how financial performance can be improved.

YOU WILL LEARN HOW TO

This training course is relevant to those professionals & analysts facing the difficult challenge of improving performance while reducing costs of those processes for which they are accountable.

This training course provides participants with critical cost awareness and budgetary skills, which are essential for managing and controlling resources in times of increasing global competition where the budgets are inextricably linked with both the achievement of strategic objectives as well as with evaluation of plans and initiatives.

In this programme you will participate in many aspects of modern thinking:

-Budgets and Models as a critical element of management and financial strategy

-The analysis of opportunities, risks, and rewards in the context of Capital Projects

-Controlling costs by analysis, modeling, KPI’s and review of the cost drivers

-Develop a broader view in the context of the enterprise’s objectives and constraints

IMPORTANT COURSE INFORMATION

Participants who fully attend this course and complete the test on the last day will receive a Strategic Axis Professional Certificate (SAPC). SAPC certificates are regionally recognized and can be quite valuable when applying for more senior roles within the organization or outside.

Participants who wish to take their career to international level could attend and pass the exam for Certified Cost Professional (CCP) from AACE International (formerly the Association for the Advancement of Cost Engineering).

COURSE OUTLINE

Modules

Module 1: The need for Financial Control in Business

  • Understanding accounting principles and methods
  • Management accounting versus financial accounting
  • The relationship between business management and financial management
  • How budgeting fits into the bigger picture
  • How cost management improves an organization’s financial position
  • Key aspects of managing working capital

Module 2: Budget Construction and Control

  • Nature and purpose of budgets for planning and control
  • Types of budgets and budgeting
  • Creating Key Performance Indicators for financial and non-financial performance
  • Building a budget
  • Budgetary control and variance analysis
  • Budgeting for non-financial measures -introducing the Balanced Scorecard

Module 3: Full Costing, Marginal Costing and Activity Based Costing

  • Direct and indirect costs in budgeting for decision making
  • Role of costs in pricing strategies
  • Activity Based Costing (ABC)
  • Managing cost control

Module 4: Cost Analysis and Management

  • Understanding cost structure and behavior
  • Costs as a relationship to outputs – cost/volume/price relationship
  • The concept of contribution margin
  • Break-even analysis for planning and control
  • Cost allocation and apportionment
  • Benefit-cost analysis

Module 5: Capital Budgeting and Investment Appraisal

  • The time value of money
  • Understanding Appraisal Techniques – Net Present Value (NPV), Internal Rate of Return (IRR) and Payback period
  • Probability Models (Monte Carlo), Stress Testsand Value at Risk (VaR)
  • The use of Sensitivity analysis in evaluating projects
  • Strategic considerations in assessing capital projects
  • Creating an effective Capital Budgeting framework

 

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