Effective Budgeting and Operational Cost Control (London, United Kingdom - April 8-12, 2019)

  • ID: 4720211
  • Training
  • Location: London, United Kingdom
  • 5 Days
  • BOC Global Events & Training
  • Training Dates: April 8-12, 2019
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To ensure effective financial management of a department or and even the entire organisation, there is the need to prepare a realistic budget and ensure compliance with the approved budget. Furthermore, to ensure this compliance, operational costs need to be monitored and controlled so that as to ensure financial discipline. Effective Budgeting and Operational Cost Control training course will help participants to understand the main concepts and methodology around cost management and budgeting.

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Introduction: Building a Common Financial Language
Key role of budgeting and cost control in contemporary organisations
The 21st century business imperative: delivering value added (but to whom?)
Towards a cross-functional process-view of the organisation
Financial vs. Managerial accounting (decision making)
Understand your processes: integrating financial and non-financial aspects
Identify the key processes/projects for your own organisation

Contributing effectively to Strategic Planning
Budgeting and Cost analysis
Cost concepts and terminology
Different costs for different purposes
Fixed Vs Variable costs: the Cost-Volume-Profit analysis model
Contribution Margin analysis
Manufacturing vs. non-manufacturing costs
Period Vs. Product costs: inventory evaluation and control

Linking Budgeting and Forecasting into the Business’ Strategy

Traditional vs. Advanced Techniques in Cost-control
Under-costing and over-costing: the consequences for profitability
How to refine a costing system?
Indirect (OH) Vs. Direct costs: Traditional Cost Allocations systems Vs. Activity-Based Costing (ABC)
Cost hierarchy & Cost drivers
Linking resources, activities and management
Introducing Activity-Based Budgeting (ABB) and Management (ABM)

Preparing Rolling Forecasts
Role of forecasts and the link to strategy
Comparing and contrasting budgets and forecasts
Identifying key business drivers
The rolling forecast process
Forecasting methods

Applying ‘best practice’ risk management and control in your area
Role of risk management in corporate governance
Finance’ role in supporting risk management
Cost / Effective risk management in Finance’ own processes

Cutting costs and improving effectiveness
Role of cost management in the business strategy
Cost management and motivation
Embedding cost control in the business
Role of Finance in cost control

Beyond the Budgets: Balanced scorecards and Six-sigma
Broadening performance measurement systems
The key role of customer satisfaction and business process reengineering
Beyond budgeting: integrating financial and non-financial issues
Introducing the Balanced Scorecard
Introducing the Strategy maps

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This one week Effective Budgeting and Operational Cost Control training course is ideal for senior managers who manage budgets or managers who are currently managing projects and/or contracts. Senior managers who control cost and budgeting for their departments or organizations will also find this course extremely beneficial.

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United Kingdom

Venue to be announced shortly.

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