Budgeting & Cost Control

Code

865

Start Date

2025-12-21

End Date

2025-12-25

City

Boston

Price

6950 $

Language

Participants

1-15

Hotel

Hotel Meeting Room

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INTRODUCTION

Every decision made in the business realm requires a thorough analysis of situations, evaluating various alternatives, and weighing associated risks and benefits. This training course on Budgeting & Cost Control not only provides an avenue for acquiring new skills but also empowers participants to apply these skills effectively. The goal is to elevate financial operations and strategies, offering a valuable opportunity to enhance the budgeting process and control mechanisms. Through a diverse range of strategies and techniques, participants will gain valuable insights into how financial performance can be elevated and optimized.

TRAINING OBJECTIVES

Understand the importance of a well-defined budget process and tailor budgets to align with your organization's needs.
Acquire familiarity with costing and budgeting terminology and techniques.
Master methods for conducting risk assessments, payback analyses, and cost-benefit evaluations.
Learn to seamlessly integrate profit, cash, and balance sheet plans into your budgets.
Utilize 'what-if' scenarios and Stochastic Models to assess probable outcomes and analyze variances.
Identify key drivers for corrective actions through thorough evaluation.
Gain proficiency in using financial metrics such as Present Value, IRR, and discounted cash flow (DCF).
Apply these metrics to support investment and financial decision-making processes.

WHO SHOULD ATTEND?

Both financial and non-financial professionals at all levels

OUTLINE

The need for Financial Control in Business
- Understanding accounting principles and methods
- 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 organisation’s financial position
- Key aspects of managing working capital
·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
- Probability Models (Monte Carlo), Stress Testsand Value at Risk (VaR)
- The use of Sensitivity analysis in evaluating projects
- Strategic considerations in assessing capital projects
- Creating an effective Capital Budgeting framework
Cost Analysis and Management
- Understanding cost structure and behaviour
- Costs as a relationship to outputs – cost / volume / price relationship
- The concept of contribution margin
- Break-even analysis for planning and control
- Cost allocation and apportionment
- Benefit-cost analysis
·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
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
Financial Reporting and Analysis for Decision Making
- Understanding financial statements and their components.
- Ratio analysis for assessing financial health and performance.
- Interpreting financial data to support decision-making.
- Using financial metrics for performance benchmarking.
- Analyzing trends and patterns in financial statements.
- Incorporating financial analysis into strategic decision-making.

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INTRODUCTION

TRAINING OBJECTIVES

WHO SHOULD ATTEND?

OUTLINE

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