An Intensive 10-day Training Course
Effective Budgeting, Planning & Control
Effective Budgeting, Planning & Control
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Daily Agenda
Module 1: Advanced Budgeting & Cost Management
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
Module 2: Corporate Financial Planning, Budgeting & Control
Day Six: Corporate Financial Planning
- Strategic Planning
- The Objective of the Firm – Meeting Shareholder & Stakeholder Objectives
- Agency Theory – The Relationship between Shareholders & Management
- Creative Accounting and the Case of Enron
- Financial Management & Financial Planning – The Scope, Role & Responsibilities of Financial Management
- Preparing a Financial Plan – The Master Budget
- Forecasting Future Cash-flows and Financial Modelling
- Time Series Analysis, Correlation & Regression
Day Seven: Financing the Plan
- Sources of Finance – Long Term & Short Term
- Evaluation of the Types of Finance - Equity vs. Debt Finance
- Hybrid Finance & Financial Engineering
- The Dividend Decision
- The Cost of Capital and Weighted Average Cost of Capital (WACC)
- Capital Asset Pricing Model (CAPM)
- Accounting Rate of Return (ARR)
- Net Present Value (NPV), Internal Rate of Return (IRR) Capital Rationing & Payback
Day Eight: Preparing & Managing Budgets to Support the Financial Plans
- Definition of Budgets, the Budgetary Process and Budgetary Control
- Types of Budgets-Fixed, Flexible, Incremental and Zero Based
- The Purpose / Benefits & Problems / Limitations of Budgets
- Setting / Implementing Effective Budgets - Eliminating the Problems
- Responsibility Accounting and Absorption Costing
- Activity-Based Budgeting / Costing (ABB, ABC)
- Variance Analysis, Cost Behaviour, Break Even Analysis & Sensitivity / What If Analysis
- What-If Analysis combined with Du-Pont Analysis
Day Nine: Managing and Controlling Cash Flow to Support the Financial Plan
- Cash vs. Profit & The Cash Conversion Cycle
- Calculating and Managing the Cash flow Cycle
- Cash Flow Ratios
- Working Capital
- The Cost of Maintaining Working Capital
- Maintaining the Optimum Level of Working Capital
- Working Investment Ratios
- Preparing a Monthly Cash Flow Forecast
Day Ten: Managing Financial Risk
- Risk Management & Types of Risk
- Identifying Risk – SWOT Analysis
- The Major Quantitative & Qualitative Risks Facing Companies
- Establishing a Risk Management Strategy
- Financial Risk Management & Hedging Techniques
- Managing Exchange Rate & Interest Rate Risk
- Derivatives-Forwards, Futures, Options & Swaps
- Risk Management Glossary of Terms
Certificate
- On successful completion of this Training Course / Online Training Course, a PetroKnowledge Certificate / E-Certificate will be awarded to the delegates.
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Frequently Asked Questions
- 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 50 981 7386 | +971 2 557 7389 or send an email to [email protected]
- 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.
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.
For corporate fees and group registration, please send your query to [email protected].
