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Why Choose this Training Course?
This Advanced Budgeting & Cost Management training course provides participants with key 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 future plans and initiatives.
Budgeting and cost analysis are crucial elements for the management of contemporary organizations. Nowadays, if companies want to stay competitive, they are urged to link their strategies with accurate systems of resource allocation and performance measurement. 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 training 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.
In particular, this PetroKnowledge Advanced Budgeting & Cost Management training course enables participants to:
Link budgeting and costing with strategy execution
Understand the critical factors which have an impact on business processes
Discuss about modern system of cost analysis for budgeting purposes
Master the budgeting and financial skills required for better decision-making
Identify sources of financial and operational data to support the budgeting process
Explore the best practices required to manage the multiple organizational performances
What are the Goals?
Refine costing and budgeting terminology used in business
Understand the importance of a well-defined costing and budgeting process
Determine full costs of outputs for the goods and services provided
Master traditional techniques and recent best practices on budgeting / cost management
Link finance and operation for budgeting purposes and strategy execution
Learn how to build a comprehensive performance measurement system
Who is this Training Course for?
This PetroKnowledge Advanced Budgeting & Cost Management training course is suitable for a wide range of professionals but will greatly benefit:
The staff person who will be responsible for entering data into the budget system or training others how to enter information
Those who want to gain control of the firm's financial standing and obtain a firm grasp on the numbers side of their job
Financial Professional, Professional R&D, Sales / Marketing Professional, General Accounting Professional, Business Unit Professional
Anyone who wants to refine and advance the budgeting and costing knowledge
How will this Training Course be Presented?
This Advanced Budgeting & Cost Management training course will be conducted along workshop principles with formal lectures, case studies and interactive worked examples. Relevant case studies will be provided to illustrate the application of each tool in an operations environment. Each learning point will be re-enforced with practical exercises.
Cost and budgeting awareness will be enhanced
Higher chances to design or select a budgetary system that works
Broadened knowledge of performance management techniques
Better attitude to link cost and budgeting to strategy and performance measurement
Deeper understanding of cause and effect relationship for budgeting purposes
Better awareness of non-financial implications of budgeting and cost management
Delegates will understand the budgeting methods most useful to them
They will understand how to construct a relevant and efficient budget
They will learn to evaluate the usefulness of costing techniques in accurately calculating and ensuring profitability
They will reinforce and expand their knowledge by linking budgeting to strategy and performance measurement
They will broaden their understanding by linking financial and operational issues
Day One: Introduction: The Relevance of Budgeting and Cost Management within Strategy Execution
The Link between Strategy, Planning, Budgeting and Cost Management
Why Budgeting and Costing are so important to manage your company?
Towards a Cross-functional Process-view of the Organization
Financial vs. Managerial Accounting (Where you get information for decision-making)
Understand your Processes: Integrating Financial and Non-financial Aspects
Identify and Discuss the Key issues in terms of Budget / Costing for your own Organization
Day Two: The Budgeting Framework and its Role within the Management Process
The Role of Budgeting within Management Accounting
The Value of Budgeting in your Company
Behavioral Implications of Budgeting
Key Concepts and Terminology
Advantages and Disadvantages: Critical issues to be Discussed
Overview on the Financial Statements - Balance sheet, Income statement and Cash-Flow
Day Three: Cost Management for Budgeting Purposes
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
Day Four: Traditional vs. Advanced Techniques in Cost-control
Under-costing and Over-costing: The Consequences for Profitability
How to refine a Costing System?
Indirect vs. Direct costs: Traditional Cost Allocations Systems vs. Activity-Based Costing
Cost Drivers: Linking Resources, Activities and Management
Introducing Activity-Based Budgeting (ABB) and Management (ABM)
Day Five: Broadening the Performance Measurement Systems
Shortcomings of Traditional Approaches to Budgeting and Performance Measurement
Need to Linking Financial to Operational Issues
Recent Best Practices: the Balanced Scorecard and Six-sigma
Financial Perspective and Customer Perspective
Internal Business Process Perspective and Learning & Growth Perspective
Developing and Adapting the Scorecard
On successful completion of this training course, a PetroKnowledge Certificate will be
awarded to the delegates
In Association With
Our collaboration with GLOMACS aims to provide the best training services and benefits for our valued clients