Additional fees may apply
Organisations face the issue of making difficult costing and budgeting choices that ensure profitable decisions for the company when changes in the financial markets start affecting the economy. Managers and executives must understand the approach behind cost calculation in order to gain a strong balance in allocating resources along with driving and tracking revenues.
This course aims to explain the various key elements, concepts and application of Cost Management and Budgeting, which are commonly used for monitoring internal financial performance and making future business plans.
After the workshop, you will be able to:
- gain understanding of the concept of cost management
- know the various factors that affect cost management
- learn to use cost management information for planning and controlling
- define budgeting and its role in planning, controlling and decision making
- understand the budgeting process
- maintain budgetary control
What you will learn
Overview of Cost and Management Accounting
- Differences between Financial Accounting, Cost Accounting and Management Accounting
- Understanding nature of costs and their behaviour
Cost-Volume-Profit Analysis
- Semi-variable costs
- Fixed & variable costs
- Break even analysis
- Contribution
- Margin of safety
Short-term decision making
- Assessing opportunity to enter contracts
- Most efficient use of scarce resources
- To make or buy?
- To close or continue?
Costing of product
- Absorption costing
- Activity-based costing
- Identifying cost drivers of activities
Factors influencing cost management
Budgets and budgeting
- Purpose of budgeting
- Benefits of budgeting
- Why budget fails?
- Budgeting process
- Types of budgeting
Performance measurement linking budgeting to business objectives
- Divisional performance by cost, profit and investment centres
- Budget variance analysis
Who Should Attend?
Executives and managers who are required to plan and control costs and manage budget.
Methodology
Participants will be equipped with the necessary knowledge to prepare and interpret reports within the organisation through interactive and simple explanations with illustrations.
Continuing confirms your acceptance of our terms of service.
Before you go, would you like to subscribe to our free weekly newsletter with events happening in your area, competitions for free tickets and CD giveaways?
No thanks - I'm already an Eventfinda member (or I don't want to join)
Enter your email below, click on the Sign Up button and we’ll send you on your way
Continuing confirms your acceptance of our terms of service.
Post a comment