Budgeting & Cost Control
Course Overview
Good planning is one of the management tactic that help to avoid crisis, and budgeting is the financial tool that help the management in the planning process; Also, the budget plays significant role in the controlling and communicating processes. The successful budgeting process leads to better results and control the organizational resources.
Course Outline
Fundamentals
- Financial, Cost & Managerial Accounting Introduction
- Budget Importance
- The link to Strategic Management Process
- Planning and Control Basis
- Budgeting Pros & Cons
Budgeting
- Types of Budgeting & Process
- The Operating & Financial Budget
- Budget Period & Implementation
- Standard Costing
- Zero-Base Budgeting
Budgetary Control
- Techniques of Financial Control
- Process of Budgetary Control
- Non-financial Measures
- Flexible Budgeting VS Static
- Variance Analysis
The Basics of Capital Budgeting
- Definition of Capital Budgeting
- Investment Projects Classification
- Capital Budgeting Steps
- Methods (NPV, IRR, MIRR, Profitability Index, Payback, discounted payback)
- Interaction with Risk
- Measuring Risk
- Sensitivity, Scenario and break-even analysis
Forecasting
- Forecast Elements
- Process of Forecasting
- Techniques of Time-Series Forecasting
- Seasonality and Linear
- Accuracy and Control of Forecasting
- Error Calculation of Forecasting
Learning Objectives
After completing this course, participants will be able to:
- Understand budgeting
- Build techniques for effective budgeting
- Recognize how to manage budgets
- Know advanced forecasting techniques
- Monitor and control the costs