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Effective Budgeting and Cost Control

Program Objectives:

By the end of the program, participants will be able to:

  • See how the budget relates to the key financial statements: balance sheet, income statement, and cash flows.
  • Prepare a budget consistent with the organization strategic plan
  • Use appropriate estimation techniques in the development of revenue and expense budgets.
  • Identify all the appropriate costs to be included in a capital expenditure proposal.
  • Analyze management cost reports and take corrective action.
  • This Program is designed for:

    All managers, supervisors and analysts who prepare and/or use management budgets

    Program Outline:

    Principles of Budgeting and Cost
    Control
    Project Budgeting
  • The Critical Functions of Management
  • Is Control the Missing Link?
  • Project Planning
  • Direct and Indirect Project Costs
  • Linking the Tactical Budget to
    Strategic Objectives
    Capital Expenditure Budgeting
    and Analysis

  • The Strategic Planning Process and the
    Budget as a Plan
  • Aligning the Budget with the Organization
    Strategy
  • Time Value of Money
  • Pay-Back Period (PBP)
  • Net Present Value (NPV)
  • Internal Rate of Return (IRR)
  • Profitability Index (PI)
  • Accounting Rate of Return (ARR)
  • Approval for Expenditure (AFE)
  • Sensitivity and Risk Analysis
  • Types of Budgets
  • Master Budget, Operating and Capital Budgets
  • Financial Budgets
  • Approaches to Budgeting Cost Control and Management
    Budget Reports

  • Incremental Budgeting
  • Zero-Based Budgeting
  • Fixed Budgeting and Flexible Budgeting
  • Kaizen Budgeting
  • Budget as a Control Tool
  • Approaches to Cost Control
  • Understanding the Need for Timeliness and
    Precision
  • Variance Analysis
  • Problems in Budgeting
  • Budgeting and Costing Techniques
  • Forecasting Methods
  • Break-Even Analysis
  • Use of Standards
  • Trend Analysis and Cost Estimation
  • Characteristics of an Effective Budget
  • Pre-requisites

    None:
    Duration : 4 days

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