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IELTS Preparation in Dubai

Efficient Budgeting & Effective Cost Control

Course Details

Session: 2 Days

Hours: 8 Hours /Day

Mode: Face to Face / online

Where

Dubai
United Arab Emirates

Efficient Budgeting & Effective Cost Control

In order to make better business decisions, decision makers need to understand the fundamentals of budgeting and costing. This training course has been devised to give business decision makers a good understanding on budgets, cost controls, variances and associated analysis that will lead to better decisions being made & better results being attained. The Effective Budgeting & Cost Control course will clarify budgeting terms; clearly explain the methodology used and cover both traditional & non-traditional budgeting methods through to newer methods and approaches. We will take the same approach with all elements of costing.

Course Objective:

 Understand the budgeting process

 Learn the range of budgeting options

 Understand both budgeting and costing terminology

 Calculate more effective budgets

 Utilize improved costing methods

 Be in a position to devise their own budget and control system

 Be aware of non-budget tools such as Balance Scorecards

Course Outline

Introduction
– Recognizing the Functions of Costing and Budgeting in Present-day Organizations
– Integrating strategic planning and budgeting
– The Budgeting Procedure
 
Key Points in Cost Management for the Purpose of Budgeting
– Cost terminologies and concepts
– Knowing how to classify costs
– The Use of Contribution Margin Analysis
– Managing both direct and indirect costs
– Examining Variance Analysis
– Recognize performance management and measurement
– Knowledge of cost realization techniques
– Budgeting tenets, goals, and cycle
– The profit-maximizing principle
– Various costs for various objectives
– Fixed vs. Variable costs: the Cost-Volume-Profit analysis model
– Manufacturing vs. non-manufacturing costs
– Period vs. Product costs: inventory evaluation and control

 

Traditional, Activity-Based, and Modern Cost-Control Techniques
– Marginal costing
– Standard Costing
– Break-even analysis
– Full costing
– Absorption costing
– Activity-based approaches
– Variance analysis
– Cost centers
– The effects on profitability of under and over-costing
– Direct versus indirect costs: Activity-based costing versus conventional cost allocation methods
– Activity-Based Budgeting (ABB) and Activity-Based Management (ABM)
– A Case Study for Traditional and Advanced Techniques in Cost-control
– Analysis of the Case Study
 
Capital Planning and Investment Evaluation
– Value of money through time
– The Investment Appraisal Techniques including Net Present Value (NPV), Internal Rate of Return (IRR), and Payback Period
– A Few Case Studies for Budgeting
– Discussion and Exercises for the Case Study
 
Target Audience
 All personnel involved in preparation of budgets
 Budget supervisors
 Operational managers
 Productions managers
 Financial managers
 Others who provide and enter information
 Anyone else who wants to understand budgets and costing within their business
Training Method

The practical and results-oriented Effective Budgeting & Cost Control training course is a highly interactive session. It incorporates lectures with captivating PowerPoint slides; videos to enhance learning; ongoing discussions with action planning; ample time for Q&A; training activities to reinforce key concepts within a fun learning environment.

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Efficient Budgeting & Effective Cost Control