A highly interactive training course on

Effective Budgeting & Operational Cost Control

Planning, Managing and Measuring Performance for Organisational Success
Coventry Academy -  Effective Budgeting & Operational Cost Control

Course Schedules

 11-15 Nov 2024
 05-09 May 2025

Training course overview

The Effective management of Budgets and Operational Costs is a must for leading modern organizations successfully. Nowadays, if organizations want to stay competitive, they are urged to think, plan and act in terms of value added to customers and shareholders. Budgets are essential in this context. Proper planning, as well as tracking, controlling & reducing cost represent crucial activities to be performed and monitored as strategies get executed. In addressing these issues, this Coventry Academy online training course is relevant for those professionals and analysts facing the difficult challenge of improving performance while reducing costs for the business and processes they are accountable for.

What are the goals?

By attending this Coventry Academy online training course, delegates will be able to:

  • Master the budgeting process
  • Understand costs behavior
  • Explore traditional & innovative approaches to Budgeting & Cost Control
  • Improve cost savings activities
  • Manage KPIs and Balanced Scorecard

Who is this training course for?

This Coventry Academy online training course is suitable to a wide range of professionals but will greatly benefit those with direct or indirect budget responsibilities within a Team, Department or Division. Moreover, the training course is suitable to first appointment professionals on fast-track development programs, and to professionals from every business discipline and department who have to run budgetary plans, and who are responsible for cost and strategic analysis, including:

  • Financial Planning & Control Staff
  • Those with direct or indirect financial responsibilities
  • Those from every business discipline and department who have to run departments and budgetary plans, and who are responsible for cost and strategic analysis
  • Those from all sectors of industry, irrespective of functional responsibilities, but particularly those involved in manufacturing, production, engineering or sales
  • Those working in a project management environment

Course Outline

Day One: Introduction: Building a Common Financial Language
  • The key role of budgeting and cost control in contemporary organizations
  • The 21st century business imperative: Delivering value added (but to whom?)
  • Financial vs. Managerial accounting (for decision making)
  • Understand your processes: Integrating financial and non-financial aspects
  • The budgeting process
  • Examples and Discussion
Day Two: The Budgeting Process
  • The key features of budgeting
  • Advantages and concerns with budgeting
  • Accountability and centers of responsibility
  • Zero-based budgeting
  • Budgeting and cost control
  • Examples and Discussion
Day Three: Cost Analysis
  • Different costs for different purposes
  • Fixed vs. Variable costs
  • The Cost-Volume-Profit analysis model
  • Contribution Margin analysis
  • Examples and Discussion
Day Four: Traditional vs. Advanced Techniques in Cost-Control
  • Under-costing and over-costing: The consequences for profitability
  • Indirect (OH) vs. Direct costs
  • Traditional Cost Allocations systems vs. Activity-Based Costing (ABC)
  • Linking resources, activities and management
  • Variance analysis
  • Video, Case Study and Examples
Day Five: Beyond the Budgets: Balanced scorecards and Six-sigma
  • Broadening performance measurement systems
  • Beyond budgeting: Integrating financial and non-financial issues
  • Introducing the Balanced Scorecard
  • Introducing the Strategy maps
  • Introducing Six-sigma
  • Video, Case Study and examples

The certificate

  • Coventry Academy e-Certificate of Completion will be provided to delegates who attend and complete the course

Coventry Academy
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