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