Advanced Budgeting & Cost Management

Introduction

This Advanced Budgeting & Cost Management training course 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 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 GLOMACS Advanced Budgeting & Cost Management training course 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

By the end of this Advanced Budgeting & Cost Management training course, you will be able to:

• Understand Costing and Budgeting terminology used in business
• Implement 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 Advanced Budgeting & Cost Management training course 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