Cost Accounting and Cost Management in Oil Refineries

An Intensive 5 - Day Online Training Course

Cost Accounting and Cost Management in Oil Refineries

Controlling Costs to Improve Efficiency and Profitability

Scheduled Dates

19 - 23 Sep 2022 Online $2,350
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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

Organisational Impact

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

Personal Impact

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

Daily Agenda

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
  • Cost Control
  • Monitoring of Expenditure
  • Variance Analysis and Reporting

Day Three: Cost Management & Control

  • Cost Classification & Cost Behaviour
  • Controlling Fixed & Variable Costs
  • Reducing Fixed Costs
  • Cost-Volume-Profit Analysis
  • 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

 

Certificate

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

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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