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Why Choose this Training Course?
Why Choose this Online Training Course?
With increased competition and volatility in prices, it is essential to manage costs effectively in the Oil Refinery sector in order to preserve profits, sustainability and market share. Cost Management is one of the most effective and essential tools for planning and monitoring organizational activities, as well as supporting future strategic decisions.
This Petroknowledge Finance & Budgeting online training course on Cost Accounting and Cost Management in Oil Refineries provides the essential knowledge and skills to enable delegates to successfully control costs; prepare, manage and control budgets in the Oil Refinery sector. It also provides solutions to the strategic issues currently facing major international Oil Refineries, enabling delegates to effectively managing existing projects and recommend sustainable growth strategies in an efficient and cost effective manner.
This online training course will highlight:
The structure of the Income Statement and major costs
Best Practice Costing Methods in Oil Refineries
How to Manage & Control Costs to maintain profitability?
Inventory Management techniques to reduce costs
Management techniques to stimulate cost control throughout the entire organisation
What are the Goals?
What are the Goals?
By the end of this Petroknowledge online training seminar, participants will learn to:
Determine the Costs associated with your department / company
Assess and Manage Costs / Price Volatility
Use the very latest Costing Methods
Analyse Cost & Price Volatility to enable better decisions
Control Costs effectively
Who is this Training Course for?
Who is this Online Training Course for?
This Petroknowledge online training seminar is suitable to a wide range of professionals but will greatly benefit:
Professionals responsible for Costs – Managing, Monitoring & Controlling
Those whose role requires an understanding of the latest Costing Techniques
Anyone with Planning Responsibility
Advisors, Accountants and Business Consultants
Professionals seeking a better understanding of the Costs & Prices within your organization
How will this Training Course be Presented?
How will this Online Training Course be Presented?
This online training course will utilize a variety of proven online learning techniques to ensure maximum understanding, comprehension, retention of the information presented. The training course is conducted Online via an Advanced Virtual Learning Platform in the comfort of any location of your choices
The organization will benefit by:
Improved appreciation for the importance of cost control within the sector
Improved cost control and management
Improvements in communications between staff and line management
Better preparation and management of budgets to support cost control
Improved profit and sustainability
More knowledgeable and financially aware staff with appropriate skills
Individuals will benefit by:
Increasing their knowledge and skill set in all phases of management accounting and cost management
Greater ability to participate in and to lead cost management initiatives
Recognizing the increased professionalism to deal with the current and future topics
Increased recognition by the organization of their learning and professional commitment
Challenging themselves in an immersive learning environment
Knowledge of the latest international cost management methods
Day One: The Essentials of Cost & Price Management in the Oil Refinery Sector
Identification of the Critical Costs and Key Performance Indicators in the Oil Refinery Sector
A Detailed Examination of the Income Statement for an Oil Refinery
Calculation of the Cost of Sales for Refinery Products
Cost & Price Volatility within the Sector
Allocating Responsibility for Cost Control
Implementing a Cost Control Culture within the Organization
Day Two: Best Practice Costing Methods
Best Practice Costing Methods
Job Order, Process Costing & Activity based Costing Methods
Cost and Value Analysis
Monitoring of Expenditure
Variance Analysis and Reporting
Day Three: Cost Management & Control
Cost Classification & Cost Behaviour
Controlling Fixed & Variable Costs
Reducing Fixed Costs
Inventory Control to Reduce Costs
Incentives to Reduce Costs
Day Four: Hedging Costs & Risk Management
Hedging Techniques to Control Costs & Prices
Forwards, Futures, Options & Swaps
Defining Risk Management and Identifying Costs / Risks to Hedge (Reduce or Eliminate)
Determining the Hedging Strategy
Implementing a Risk Management Strategy
Hedging Price Volatility
Day Five: Managing Project & Contract Costs & Prices
Achieving Efficiency of Time & Quality within Budget
Statistical Estimates of Activity Duration & Costs
Critical Path Analysis
Manpower & Resource Planning and Management
Earned Value Management
Managing Project Risks in a Cost Effective Manner
On successful completion of this online training course, a PetroKnowledge E-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