FCA0210 | Effective Management of Budgeting & Cost Control

Start End Duration Venue Fees
27 Jan 2020 31 Jan 2020 1 Week Bangkok $4,500 Register
24 Feb 2020 28 Feb 2020 1 Week Bali $4,900 Register
16 Mar 2020 20 Mar 2020 1 Week Jakarta $4,900 Register
13 Apr 2020 17 Apr 2020 1 Week Barcelona $4,900 Register
25 May 2020 29 May 2020 1 Week Cape Town $5,000 Register
28 Jun 2020 02 Jul 2020 1 Week Abu Dhabi $3,900 Register
27 Jul 2020 31 Jul 2020 1 Week Istanbul $4,100 Register
03 Aug 2020 07 Aug 2020 1 Week Paris $4,900 Register
27 Sep 2020 01 Oct 2020 1 Week Sharm Sheikh $3,900 Register
26 Oct 2020 30 Oct 2020 1 Week New York $5,500 Register
15 Nov 2020 19 Nov 2020 1 Week Dubai $3,900 Register
06 Dec 2020 10 Dec 2020 1 Week Cairo $3,600 Register


PROGRAM'S BACKGROUND


The effective management of budgeting and cost control is crucial for project/process-based organizations. Nowadays, if contemporary organizations 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 program is relevant for those professionals & analysts facing the difficult challenge of improving performance while reducing costs of those processes for which there are accountable. By combining techniques analysis, problems and examples with real case studies the program provides delegates with key cost awareness and budgetary skills, which is essential managing and controlling processes/projects in times of increasing global competition where the budgets are inextricably linked with both strategy formulation and cost analysis.

PROGRAM'S OBJECTIVES


›       Think in terms of terms of process-value added to customers/shareholders.

›       Integrate the organization's strategic planning with budgets and processes of cost control

›       Understand the importance of project management, appraisal, planning

›       Explore traditional versus innovative budgetary techniques

›       Explore capital budgeting techniques & cash flows

›       Identify key financial indicators for the business, and how and when to monitor them

›       Understand the importance of balancing financial and non-financial measure in managing projects

›       Interpret budgets and performance measurement as communication tools

›       Think proactively beyond budgeting

›       Link budgetary processes with quality issues and business process improvement

›       Integrating planning, budgeting and cost control by relying on a financial-based language

›       Facilitate the elimination of non-value activities and the reduction of costs within key projects

›       Successfully build an integrated planning, budgeting and reporting process

›       Understand projects' costs behavior and patterns 

PROGRAM'S ATTENDEES


›       The program is designed for financial planning and control staff involved in the performance of a business unit, division or an organization as a whole

›       Professionals with direct or indirect financial responsibilities

›       Supervisors from every business discipline and department who have to run departments and budgetary plans,

›       Professionals from all sectors of industry, irrespective of functional responsibilities, but particularly those involved in manufacturing, production, engineering or sales

›       Professionals working in a project management environment and for quality specialists 

PROGRAM'S OUTLINE


INTRODUCTION: BUILDING A COMMON FINANCIAL LANGUAGE

›       Linking the Tactical Budget to Strategic Objectives

›       The key role of budgeting and cost control in contemporary organizations

›       Delivering value added

›       Towards a cross-functional process-view of the organization

›       Financial vs. Managerial accounting (for decision making)

›       Integrating financial and non-financial aspects

›       Identifying the key processes/projects for your own organization

BUDGETING & 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

›       The Operating Budget

›       Period vs. Product costs: inventory evaluation and control

›       Approaches to Cost Control

TRADITIONAL Vs. ADVANCED TECHNIQUES IN COST-CONTROL

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

›       How to refine a costing system?

›       Budgeting and Costing Techniques

›       Indirect (OH) Vs. Direct costs: Traditional Cost Allocations systems Vs. Activity-Based Costing (ABC)

›       Cost Estimation

›       Cost hierarchy & Cost drivers

›       Linking resources, activities and management

›       Introducing Activity-Based Budgeting (ABB) and Management (ABM)

MASTER BUDGET, FLEXIBLE BUDGETS & VARIANCE ANALYSIS

›       Define the master budget and explain its major benefits to an organization

›       Describe the difference between a static budget and a flexible budget

›       Compute flexible-budget variances and sales-volume variances

›       Discuss the behavioral implication of budgeting

›       The budgeting process in your organization: how to improve it?

›       Which tools shall we use to complement budgeting and costing?

›       Cost Control and Management Budget Reports

BEYOND THE BUDGETS: BALANCED SCORECARDS & 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

›       Introducing Six-sigma 

ADDITIONAL DETAILS




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Benefits to Organization

1. The candidates will become competent, effective and productive on their jobs. This training program is useful for:
        · Competency building where existing employee is promoted or planned to be promoted.
        · Technical knowledge, skills and competencies.
        · Needs and expectations of the stakeholders/ customers both internal and external.
        · Opportunities to exceed stakeholder/ customer expectations.
2. Create a pool of trained manpower that can cost-effectively spread the knowledge to large number of employees inside the organization.
3. Our facilitators often act as mentors for your trained employees and thus provide a most effective way to ensure effective competency development and application by your motivated staff.
4. We adopted a one-to-one approach that can provide more room for your employees to work at their own pace and address individual needs more freely.

Benefits to the Individuals

1. The candidates will gain a multi-discipline understanding of the subject matter.
2. Have an individual action plan to take away that will help the candidates make a difference in their organizations. This will add value to the expertise and experience of the candidates’.
3. Be more able to enhance job satisfaction and reduce wasted time and effort.
4. Ensure that the candidates will know and appreciate the strategic imperatives that drive the organization's efforts in their relevant job area.
5. Be more able to align your roles and job requirements with the organization’s mission and vision.
6. Be more able to meet your deadlines and tasks and successfully complete any scorecard in a timely fashion.

Additional Benefits

1. Good & best industry practices.
2. Checklist approach for ease of understanding and practical application.
3. Latest technologies including information technology, quality assurance and methodology.
4. Quality assurance and quality improvement incorporated in each program.
5. One-to-one approach and small groups will lead to learner-centered environment.
6. Experienced and qualified instructors both academically and in practice.
7. Customized programs to meet and suit individual training needs.
8. Letters of recommendation for the exceptional performers.

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