Budgeting & Cost Control

Start Date: 11 Mar 2018
End Date: 15 Mar 2018
Duration: 5
Country: Istanboul / Turkey
Category: Finance, Accounting & Investment


All business decision-making involves analysing situations containing varying degrees of risk. This programme uncovers the essential skills required to understand the processes of budgeting and cost control for better decision-making. From understanding the importance of a well defined budget process through to the importance of how costs behave so that realistic cost cutting and budgeting plans can be produced.  In this programme you will learn how to:

         Identify the principal factors required to produce a successful business case

         Develop budgeting and financial skills required for better decision-making

         Identify sources of financial and business data to support the budgeting process

         Learn new techniques and methodologies to simulate typical business scenarios


         This programme would benefit any professional who needs to improve their skills in constructing and controlling a budget

         Financial personnel who need to evaluate plans for approval and variance reports for corrective action

         Non-financial professionals needing to evaluate proposed business expenditure decisions and who need to know more about the processes of planning, costing and budgeting during their business careers


         Understand the importance of a well-defined budget process

         Learn costing and budgeting terminology used in business

         Master techniques for cost-benefit analysis

         Learn how to construct profit, cash and balance sheet plans and budgets

         Learn how to evaluate variances from plan and identify corrective actions

         Understand discounted cash flow (DCF) techniques and their application to financial decision making

         Build and use budgets relevant to your organisation


You will learn by active participation during the programme through the use of exercises, case studies, practical workshops, syndicate and group discussions.


This training session is presented in a manner that will make budgeting, costing and decision making techniques more easily understood by people from every discipline across the organisation. Case studies and practical exercises are used to emphasise key issues and underpin learning by relating them to typical business scenarios.


DAY 1 - The need for Financial Control in business

         Understanding accounting

         Management accounting versus financial accounting

         The relationship between business management and financial management

         How budgeting fits into the bigger picture

         How cost management  improves an organisationís financial position

         Key aspects of managing working capital

DAY 2 - Capital Budgeting and Investment Appraisal

         The time value of money

         Understanding Appraisal Techniques - Net Present Value (NPV), Internal Rate of Return (IRR) and Payback period

         Selecting an appraisal technique

         The use of Sensitivity analysis in evaluating projects

         Strategic  considerations in assessing capital projects

         Creating an effective Capital Budgeting framework

DAY 3 - Cost Analysis and Management

         Understanding cost structure and behaviour

         Costs as a relationship to outputs Ė cost/volume/price relationship

         The concept of contribution margin

         Break-even analysis for planning and control

         Cost allocation and apportionment

         Benefit-cost analysis

DAY 4 - Full Costing, Marginal Costing and Activity Based Costing

         Comparing full and marginal costing

         Direct and indirect costs in budgeting for decision making

         Role of costs in pricing strategies

         Activity Based Costing (ABC)

         Managing cost control

DAY 5 - Budget Construction and Control

         Nature and purpose of budgets for planning and control

         Types of budgets and budgeting

         Creating Key Performance Indicators for financial and non financial performance

         Building a budget

         Budgetary control and variance analysis

         Budgeting for non-financial measures -introducing the Balanced Scorecard













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