Budget Preparation, Allocation & Cost Control

An Intensive 5 - Day Training Course

Budget Preparation, Allocation & Cost Control

Principles of Traditional & Advanced Cost Techniques

Scheduled Dates

24 - 28 Oct 2022 Amsterdam - The Netherlands $5,950
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Why Choose this Training Course?

Why Choose this Course?

The effective management of budgeting and cost control is crucial for contemporary organizations. Nowadays, if companies 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 they are accountable.

By combining techniques analysis, problems and examples with real case studies, the course provides participants with key cost awareness and budgetary skills, which is essential in managing and controlling processes/projects in times of increasing global competition where the budgets are inextricably linked with both strategy formulation and cost analysis.

This course will feature:

  • Identify the role of budgeting within the organization’s management system
  • Develop proper system of cost analysis for budgeting purposes 
  • Master the budgeting and financial skills required for better decision-making
  • Link strategy to operational plans
  • Learn new best practices to manage organizational performance
  • Integrate organizational drivers with strategic objectives
  • Connect financial and pre-financial drivers

What are the Goals?

What are the Goals?  

Participants attending the course will:

  • Successfully build an integrated planning, budgeting and reporting process
  • Understand costs behavior more accurately
  • Deliver more timely and useful information to decision makers
  • Understand capital budgeting
  • Identify & manage key financial indicators for the business
  • Be able to use specific cost analysis and performance measurement techniques
  • Be able to understand and implement the Balanced Scorecards
  • Be able to interpret the financial impact of strategic directions
  • Understand the problems of overheads allocation and how Activity Based Analysis may aid decision-making and pricing strategies
  • Select the performance measurement systems that work
  • Think proactively beyond budgeting

Who is this Training Course for?

Who is this Course for?

  • Those in charge for designing and managing a budgetary system
  • 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 professionals, R&D professionals, sales/marketing professionals, general accounting professionals, business unit professionals
  • Anyone who wants to understand the basics of budgeting, costing and performance measurement

How will this Training Course be Presented?

How will this be Presented?

We combine theory and practice. Therefore, besides lectures based on power-point presentations, discussions and exercises, we use company examples to illustrate how the techniques presented have been applied in real case studies.

Daily Agenda

Day One: Budgeting & Cost Control in the Management System: Link with Strategic Planning

Budgeting and cost control need to be mastered in the wider management system in which they operate.

Key behaviours:

  • Understand the organizational mission, vision and strategies
  • Link strategy awareness with planning skills
  • Translate the strategic understanding in action

Topics to be covered:

  • Budgeting and the management system of contemporary organizations
  • Strategic planning, budgeting and management control
  • Strategic Management Accounting – setting goal and objectives
  • From strategic to operating plans – actions and initiatives
  • Measuring and managing the performance – KPIs and targets
  • Managerial Accountability  

 

Day Two: Budgeting: Principles and Key Concepts

Budgeting enable strategy to be executed by connectives goals, objectives, initiatives and resources.

Key behaviours:

  • Understand budgeting as tool for delegation
  • Consider the behavioral implication of budgeting
  • Reflect on the meaning of accountability

Topics to be covered:

  • Understanding the context for budgeting
  • The benefit of Budgeting and its role for achieving organizational targets
  • The shortcomings of the budgeting process. How to improve them?
  • Principles of budgeting
  • Main issues with budget preparation
  • Capex (capital expenditures) vs Opex (operational expenditures)

 

Day Three: Cost Analysis for Budgetary Purposes

Budgeting is about understanding how resources are consumed and delegated. An understanding of costs is crucial in this respect.

Key behaviours:

  • Understand where expenses come from
  • Explore the relationship between objects and available resources
  • Focus on controllable costs

Topics to be covered:

  • 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

 

Day Four: Traditional vs. Advanced Techniques in Cost-Control

Cost allocation is important to identify the full amount of resources required to manufacture a product, deliver a service, run a department, or manage a project.

Key behaviours:

  • Understand the organizational structure and its processes
  • Focus on the activity cost driver
  • Link activity costing to management of activity

Topics to be covered:

  • Under-costing and over-costing: understand allocation methods
  • 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)

 

Day Five: New Integrated Performance Measurement Systems

The full understanding of organizational performance requires the integration of financial and pre-financial measures

Key behaviours:

  • Understand organizational performance beyond the financials
  • Focus on the value creation drivers
  • Integrate and connect the data

Topics to be covered:

  • Beyond budgeting: integrating financial and pre-financial information
  • The drivers of value creation
  • The Balanced Scorecard
  • Strategy Maps
  • Integrated Reporting
  • Connectivity Strategic Goals, Objectives, Actions and Results

Certificate

  • On successful completion of this training course, a PetroKnowledge Certificate will be awarded to the delegates

In Association With

GLOMACS Training

Our collaboration with GLOMACS aims to provide the best training services and benefits for our valued clients

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Frequently Asked Questions

How can I register for a training course?

  • To register online through our website, please click “Enroll Now” on the course page, complete and submit the form. A confirmation e-mail and instructions will be sent to the participant’s e-mail.
  • You may also get in touch with our Registration Team on
    +971 56 222 7795 | +971 2 557 7389 or send an email to reg@petroknowledge.com

When and how do I arrange payments?

  • Payments can be made in USD or UAE local currency AED (Arab Emirates Dirhams) either by Bank Transfer or by Credit Card. Our Bank Account details will be provided on the invoice.
  • Course fees are payable upon booking unless a valid, authorized Purchase Order is provided and accepted.
  • Invoices will be sent via email/courier to the ID/name and address provided.
  • The course fee shall be settled prior to course start date. Corporate payments with existing payment policy shall be relayed to us in advance.

When should I expect to receive confirmation of registration?

Upon successful registration online, enrolment on the respective training course will be confirmed by Registration Team by e-mail along with the invoice and joining instruction.

Is there a discount for more than one registrant/course?

For corporate fees and group registration, please send your query to info@petroknowledge.com.

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All rights reserved. Any unauthorized copying, distribution, use, dissemination, downloading, storing (in any medium), transmission, reproduction or reliance in whole or any part of this course outline is prohibited and will constitute an infringement of copyright.


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