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Search for a Glomacs Course by Keywords
Title, Subtitle & Outline Title & Subtitle Only Exact Match
An Interactive 5 - Day Training Course
ADVANCED BUDGETING &
COST MANAGEMENT
ESTIMATING, BUDGETING & COST CONTROL
Home | Finance & Budgeting | Advanced Budgeting & Cost Management
Course Schedule Venue Fees 20 - 24 Dec 2021 Marrakesh - Morocco $5,950 Register
02 - 06 Jan 2022 Dubai - UAE $4,950 Register 16 - 20 Oct 2022 Dubai - UAE $4,950
Register 19 - 23 Dec 2022 Marrakesh - Morocco $5,950 Register
Register Now
Course Description
INTRODUCTION
This GLOMACS Advanced Budgeting & Cost Management training seminar provides
participants with key cost awareness and budgetary skills, which are essential
for managing and controlling resources in times of increasing global competition
where the budgets are inextricably linked with both the achievement of strategic
objectives as well as with evaluation of future plans and initiatives.
Budgeting and cost analysis are crucial elements for the management of
contemporary organizations. Nowadays, if companies want to stay competitive,
they are urged to link their strategies with accurate systems of resource
allocation and performance measurement. 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 Finance and
Budgeting training course is relevant for those professionals & analysts facing
the difficult challenge of improving performance while reducing costs of those
processes for which there are accountable.
In particular, this training seminar enables participants to:
* Link budgeting and costing with strategy execution
* Understand the critical factors which have an impact on business processes
* Discuss about modern system of cost analysis for budgeting purposes
* Master the budgeting and financial skills required for better decision-making
* Identify sources of financial and operational data to support the budgeting
process
* Explore the best practices required to manage the multiple organizational
performances
OBJECTIVES
* Refine costing and budgeting terminology used in business
* Understand the importance of a well-defined costing and budgeting process
* Determine full costs of outputs for the goods and services provided
* Master traditional techniques and recent best practices on budgeting / cost
management
* Link finance and operation for budgeting purposes and strategy execution
* Learn how to build a comprehensive performance measurement system
TRAINING METHODOLOGY
This Finance and Budgeting training seminar on Advanced Budgeting & Cost
Management will be conducted along workshop principles with formal lectures,
case studies and interactive worked examples. Relevant case studies will be
provided to illustrate the application of each tool in an operations
environment. Each learning point will be re-enforced with practical exercises.
ORGANISATIONAL IMPACT
* Cost and budgeting awareness will be enhanced
* Higher chances to design or select a budgetary system that works
* Broadened knowledge of performance management techniques
* Better attitude to link cost and budgeting to strategy and performance
measurement
* Deeper understanding of cause and effect relationship for budgeting purposes
* Better awareness of non-financial implications of budgeting and cost
management
PERSONAL IMPACT
* Delegates will understand the budgeting methods most useful to them
* They will understand how to construct a relevant and efficient budget
* They will learn to evaluate the usefulness of costing techniques in
accurately calculating and ensuring profitability
* They will reinforce and expand their knowledge by linking budgeting to
strategy and performance measurement
* They will broaden their understanding by linking financial and operational
issues
WHO SHOULD ATTEND?
This GLOMACS training programme is suitable for a wide range of professionals
but will greatly benefit:
* The staff person who will be responsible for entering data into the budget
system or training others how to enter information
* Those who want to gain control of the firm's financial standing and obtain a
firm grasp on the numbers side of their job
* Financial Professional, Professional R&D, Sales / Marketing Professional,
General Accounting Professional, Business Unit Professional
* Anyone who wants to refine and advance the budgeting and costing knowledge
Course Outline
DAY 1
INTRODUCTION: THE RELEVANCE OF BUDGETING AND COST MANAGEMENT WITHIN STRATEGY
EXECUTION
* The Link between Strategy, Planning, Budgeting and Cost Management
* Why Budgeting and Costing are so important to manage your company?
* Towards a Cross-functional Process-view of the Organization
* Financial vs. Managerial Accounting (where you get information for
decision-making)
* Understand your Processes: Integrating Financial and Non-financial Aspects
* Identify and Discuss the Key issues in terms of Budget / Costing for your own
Organization
* Discussion
DAY 2
THE BUDGETING FRAMEWORK AND ITS ROLE WITHIN THE MANAGEMENT PROCESS
* The Role of Budgeting within Management Accounting
* The Value of Budgeting in your Company
* Behavioral Implications of Budgeting
* Key Concepts and Terminology
* Advantages and Disadvantages: Critical issues to be Discussed
* Overview on the Financial Statements - Balance sheet, Income statement and
Cash-Flow
* Case Discussion and Examples
DAY 3
COST MANAGEMENT FOR BUDGETING PURPOSES
* 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
* Period vs. Product Costs: Inventory Evaluation and Control
* Case Study and Discussions
DAY 4
CASE STUDY DAY - TRADITIONAL VS. ADVANCED TECHNIQUES IN COST-CONTROL
* Under-costing and Over-costing: The Consequences for Profitability
* How to refine a Costing System?
* Indirect vs. Direct costs: Traditional Cost Allocations Systems vs.
Activity-Based Costing
* Cost Drivers: Linking Resources, Activities and Management
* Introducing Activity-Based Budgeting (ABB) and Management (ABM)
* Case Study Analysis
* Examples and Videos
DAY 5
BROADENING THE PERFORMANCE MEASUREMENT SYSTEMS
* Shortcomings of Traditional Approaches to Budgeting and Performance
Measurement
* Need to Linking Financial to Operational Issues
* Recent Best Practices: the Balanced Scorecard and Six-sigma
* Financial Perspective and Customer Perspective
* Internal Business Process Perspective and Learning & Growth Perspective
* Developing and Adapting the Scorecard
* Video, Case Study Illustration and Discussion
Certificates
* On successful completion of this training course, GLOMACS Certificate with
eligible Continuing Professional Education credits (CPE) from National
Registry of CPE Sponsor, will be awarded to the delegates
* Continuing Professional Education credits (CPE) : In accordance with the
standards of the National Registry of CPE Sponsor, one CPE credit is granted
per 50 minutes of attendance
Providers and Associations
ENDORSED EDUCATION PROVIDER
*
IN ASSOCIATION WITH
Oxford Management Centre
A GLOMACS - Oxford Management Centre collaboration aimed at providing the best
training services and benefits to our valued clients.
Visit website
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Register for the Course
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COURSE
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* 1
* 2
--------------------------------------------------------------------------------
ADVANCED BUDGETING &
COST MANAGEMENT
ESTIMATING, BUDGETING & COST CONTROL
--------------------------------------------------------------------------------
UPCOMING DATES
Code Date Venue Fees FI052 20 - 24 Dec 2021 Marrakesh - Morocco $5,950 FI052 02
- 06 Jan 2022 Dubai - UAE $4,950 FI052 16 - 20 Oct 2022 Dubai - UAE $4,950 FI052
19 - 23 Dec 2022 Marrakesh - Morocco $5,950
--------------------------------------------------------------------------------
INTRODUCTION
This GLOMACS Advanced Budgeting & Cost Management training seminar provides
participants with key cost awareness and budgetary skills, which are essential
for managing and controlling resources in times of increasing global competition
where the budgets are inextricably linked with both the achievement of strategic
objectives as well as with evaluation of future plans and initiatives.
Budgeting and cost analysis are crucial elements for the management of
contemporary organizations. Nowadays, if companies want to stay competitive,
they are urged to link their strategies with accurate systems of resource
allocation and performance measurement. 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 Finance and
Budgeting training course is relevant for those professionals & analysts facing
the difficult challenge of improving performance while reducing costs of those
processes for which there are accountable.
In particular, this training seminar enables participants to:
* Link budgeting and costing with strategy execution
* Understand the critical factors which have an impact on business processes
* Discuss about modern system of cost analysis for budgeting purposes
* Master the budgeting and financial skills required for better decision-making
* Identify sources of financial and operational data to support the budgeting
process
* Explore the best practices required to manage the multiple organizational
performances
OBJECTIVES
* Refine costing and budgeting terminology used in business
* Understand the importance of a well-defined costing and budgeting process
* Determine full costs of outputs for the goods and services provided
* Master traditional techniques and recent best practices on budgeting / cost
management
* Link finance and operation for budgeting purposes and strategy execution
* Learn how to build a comprehensive performance measurement system
TRAINING METHODOLOGY
This Finance and Budgeting training seminar on Advanced Budgeting & Cost
Management will be conducted along workshop principles with formal lectures,
case studies and interactive worked examples. Relevant case studies will be
provided to illustrate the application of each tool in an operations
environment. Each learning point will be re-enforced with practical exercises.
ORGANISATIONAL IMPACT
* Cost and budgeting awareness will be enhanced
* Higher chances to design or select a budgetary system that works
* Broadened knowledge of performance management techniques
* Better attitude to link cost and budgeting to strategy and performance
measurement
* Deeper understanding of cause and effect relationship for budgeting purposes
* Better awareness of non-financial implications of budgeting and cost
management
PERSONAL IMPACT
* Delegates will understand the budgeting methods most useful to them
* They will understand how to construct a relevant and efficient budget
* They will learn to evaluate the usefulness of costing techniques in
accurately calculating and ensuring profitability
* They will reinforce and expand their knowledge by linking budgeting to
strategy and performance measurement
* They will broaden their understanding by linking financial and operational
issues
WHO SHOULD ATTEND?
This GLOMACS training programme is suitable for a wide range of professionals
but will greatly benefit:
* The staff person who will be responsible for entering data into the budget
system or training others how to enter information
* Those who want to gain control of the firm's financial standing and obtain a
firm grasp on the numbers side of their job
* Financial Professional, Professional R&D, Sales / Marketing Professional,
General Accounting Professional, Business Unit Professional
* Anyone who wants to refine and advance the budgeting and costing knowledge
SEMINAR OUTLINE
DAY 1
INTRODUCTION: THE RELEVANCE OF BUDGETING AND COST MANAGEMENT WITHIN STRATEGY
EXECUTION
* The Link between Strategy, Planning, Budgeting and Cost Management
* Why Budgeting and Costing are so important to manage your company?
* Towards a Cross-functional Process-view of the Organization
* Financial vs. Managerial Accounting (where you get information for
decision-making)
* Understand your Processes: Integrating Financial and Non-financial Aspects
* Identify and Discuss the Key issues in terms of Budget / Costing for your own
Organization
* Discussion
DAY 2
THE BUDGETING FRAMEWORK AND ITS ROLE WITHIN THE MANAGEMENT PROCESS
* The Role of Budgeting within Management Accounting
* The Value of Budgeting in your Company
* Behavioral Implications of Budgeting
* Key Concepts and Terminology
* Advantages and Disadvantages: Critical issues to be Discussed
* Overview on the Financial Statements - Balance sheet, Income statement and
Cash-Flow
* Case Discussion and Examples
DAY 3
COST MANAGEMENT FOR BUDGETING PURPOSES
* 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
* Period vs. Product Costs: Inventory Evaluation and Control
* Case Study and Discussions
DAY 4
CASE STUDY DAY - TRADITIONAL VS. ADVANCED TECHNIQUES IN COST-CONTROL
* Under-costing and Over-costing: The Consequences for Profitability
* How to refine a Costing System?
* Indirect vs. Direct costs: Traditional Cost Allocations Systems vs.
Activity-Based Costing
* Cost Drivers: Linking Resources, Activities and Management
* Introducing Activity-Based Budgeting (ABB) and Management (ABM)
* Case Study Analysis
* Examples and Videos
DAY 5
BROADENING THE PERFORMANCE MEASUREMENT SYSTEMS
* Shortcomings of Traditional Approaches to Budgeting and Performance
Measurement
* Need to Linking Financial to Operational Issues
* Recent Best Practices: the Balanced Scorecard and Six-sigma
* Financial Perspective and Customer Perspective
* Internal Business Process Perspective and Learning & Growth Perspective
* Developing and Adapting the Scorecard
* Video, Case Study Illustration and Discussion
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