Five Day Effective Budgeting and Operational Cost Control Training Course

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Jun 14, 2018, 01:15 ET

DUBLIN, June 14, 2018 /PRNewswire/ --

The "Effective Budgeting and Operational Cost Control" training has been added to ResearchAndMarkets.com's offering.

To ensure effective financial management of a department or and even the entire organisation, there is the need to prepare a realistic budget and ensure compliance with the approved budget. Furthermore, to ensure this compliance, operational costs need to be monitored and controlled so that as to ensure financial discipline. Effective Budgeting and Operational Cost Control training course will help participants to understand the main concepts and methodology around cost management and budgeting.

By the end of the course, participants will be able to:

Apply the essential concepts of accounting, budgets and finance
Apply the use of unit cost measurements in performance-based budgeting
Maintain strategic cost control.
Appreciate the importance of reducing unnecessary costs
Identify appropriate outputs for an organizational unit or programme component
Determine and apply the costs estimated...
Use best practices to create written budget justifications
Locate guidance on budgeting for capital assets, and integrate performance budgeting into your organization's budget formulation process.

Key Topics Covered:

Introduction: Building a Common Financial Language

Key role of budgeting and cost control in contemporary organisations
The 21st century business imperative: delivering value added (but to whom?)
Towards a cross-functional process-view of the organisation
Financial vs. Managerial accounting (decision making)
Understand your processes: integrating financial and non-financial aspects
Identify the key processes/projects for your own organisation

Contributing effectively to Strategic Planning

Budgeting and Cost analysis
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

Linking Budgeting and Forecasting into the Business' Strategy

Traditional vs. Advanced Techniques in Cost-control

Under-costing and over-costing: the consequences for profitability
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)

Preparing Rolling Forecasts

Role of forecasts and the link to strategy
Comparing and contrasting budgets and forecasts
Identifying key business drivers
The rolling forecast process
Forecasting methods

Applying best practice' risk management and control in your area

Role of risk management in corporate governance
Finance' role in supporting risk management
Cost / Effective risk management in Finance' own processes

Cutting costs and improving effectiveness

Role of cost management in the business strategy
Cost management and motivation
Embedding cost control in the business
Role of Finance in cost control

Beyond the Budgets: Balanced scorecards and Six-sigma

Broadening performance measurement systems
The key role of customer satisfaction and business process reengineering
Beyond budgeting: integrating financial and non-financial issues
Introducing the Balanced Scorecard
Introducing the Strategy maps

For more information about this training visit https://www.researchandmarkets.com/research/b779sz/five_day?w=5

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Laura Wood, Senior Manager
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SOURCE Research and Markets