Effective Budgeting and Cost Control

Code

755

Start Date

2025-09-21

End Date

2025-09-25

City

Dubai

Price

2950 $

Language

Participants

1-15

Hotel

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This course focuses on exercises, case studies, and individual and group presentations.

Defend the importance of linking an organization's budget with its strategic plan
Demonstrate how the budget relates to the key financial statements: balance sheet, income statement, and cash flow
Prepare the key elements of an operating and capital budget and evaluate the different budgeting approaches used
Apply cost control tools, analyze management variance reports and take proper corrective action
Calculate different capital budgeting evaluation techniques as included in a capital expenditure proposal
Utilize cost-volume-profit analysis in making budgeting decisions

All managers, supervisors and analysts who prepare or use management budgets.

Planning and the functions of management
- The critical functions of management
- Aligning the budget with the strategy of the organization
- Road map to strategy
- Budget as a planning tool
- Control: the missing link
- Planning pitfalls
The key financial statements
- The accounting system
- The income statement
- The balance sheet
- The cash flow statement
Budgeting: process and approaches
- The advantages of budgeting
- The budget process
- Rolling budgets
- The master budget
- Operating and capital budgets
- The budgeted financial statements
- Approaches to budgeting:
  - Incremental budgeting
  - Zero based budgeting
  - Flexible budgeting
  - Kaizen budgeting and continuous improvement
  - Activity based budgeting
- Tools of forecasting
- Direct and indirect costs
- Characteristics of an effective budget
- Problems in budgeting

Cost control
- Budget as a control tool
- The control process
- Characteristics of an effective control system
- Responsibility reporting
- Variance analysis: identifying the components of variance
- Variance analysis: taking the corrective action
Capital expenditure budgeting and analysis
- Time value of money
- Simple versus compound interest
- Identifying and analyzing cash flows
- The discount rate: using cost of capital
- Net Present Value (NPV)
- Internal Rate of Return (IRR)
- Profitability Index (PI)
- Pay-Back Period (PBP)
- Accounting Rate of Return (ARR)
- Approval for Expenditure (AFE)
- Sensitivity and risk analysis
Cost-Volume-Profit analysis (CVP)
- Identifying the fixed costs and variable costs
- Computing breakeven point in units
- Computing breakeven point in sales
- Assumptions of CVP analysis
- Using CVP in budgeting decisions

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