The effective management of budgeting and cost control is crucial for contemporary organizations. Nowadays, if companies want to stay competitive, they are urged to think in terms of process-value added to customers/shareholders. 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 course is relevant for those professionals & analysts facing the difficult challenge of improving performance while reducing costs of those processes for which they are accountable. By combining techniques analysis, problems and examples with real case studies, the course provides participants with key cost awareness and budgetary skills, which is essential in managing and controlling processes/projects in times of increasing global competition where the budgets are inextricably linked with both strategy formulation and cost analysis.
By the end of this course, delegates will be able to:
- Successfully build an integrated planning, budgeting and reporting process
- Understand costs behavior more accurately
- Deliver more timely and useful information to decision-makers
- Understand capital budgeting
- Identify & manage key financial indicators for the business
- Be able to use specific cost analysis and performance measurement techniques
- Be able to understand and implement the Balanced Scorecards
- Be able to interpret the financial impact of strategic directions
- Understand the problems of overheads allocation and how Activity-Based Analysis may aid decision-making and pricing strategies
- Select the performance measurement systems that work
- Think proactively beyond budgeting
- Identify the role of budgeting within the organization’s management system
- Develop proper system of cost analysis for budgeting purposes
- Master the budgeting and financial skills required for better decision-making
- Link strategy to operational plans
- Learn new best practices to manage organizational performance
- Integrate organizational drivers with strategic objectives
- Connect financial and pre-financial drivers
- Those in charge for designing and managing a budgetary system
- The staff person who will be responsible for entering data into the budget system or training others how to enter information
- Those who want to gain control of the firm's financial standing and obtain a firm grasp on the numbers side of their job
- Financial professionals, R&D professionals, sales/marketing professionals, general accounting professionals, business unit professionals
- Anyone who wants to understand the basics of budgeting, costing and performance measurement