Provided by: Effective Outsource Networks

Cost Management and Budgeting

Budget Management

Organisations face the issue of making difficult costing and budgeting choices that ensure profitable decisions for the company when changes in the financial markets start affecting the economy. Managers and executives must understand the approach behind cost calculation in order to gain a strong balance in allocating resources along with driving and tracking revenues.
This course aims to explain the various key elements, concepts and application of Cost Management and Budgeting, which are commonly used for monitoring internal financial performance and making future business plans.
This is primarily ilt training
Course Level:introductory
Duration:1 days
Training Presented in:English
Training Provided by Effective Outsource Networks
Cost Management and Budgeting
Why is this important?
Organisations face the issue of making difficult costing and budgeting choices that ensure profitable decisions for the company when changes in the financial markets start affecting the economy. Managers and executives must understand the approach behind cost calculation in order to gain a strong balance in allocating resources along with driving and tracking revenues.
This course aims to explain the various key elements, concepts and application of Cost Management and Budgeting, which are commonly used for monitoring internal financial performance and making future business plans.
How will you benefit?
After the workshop, you will be able to:
-gain understanding of the concept of cost management
-know the various factors that affect cost management
-learn to use cost management information for planning and controlling
-define budgeting and its role in planning, controlling and decision making
-understand the budgeting process
-maintain budgetary control
What will you learn?
Overview of Cost and Management Accounting
- Differences between Financial Accounting, Cost Accounting and Management Accounting
- Understanding nature of costs and their behaviour
Cost-Volume-Profit Analysis
- Semi-variable costs
- Fixed & variable costs
- Break even analysis
- Contribution
- Margin of safety
Short-term decision making
- Assessing opportunity to enter contracts
- Most efficient use of scarce resources
- To make or buy?
- To close or continue?
Costing of product
- Absorption costing
- Activity-based costing
- Identifying cost drivers of activities
Factors influencing cost management
Budgets and budgeting
- Purpose of budgeting
- Benefits of budgeting
- Why budget fails?
- Budgeting process
- Types of budgeting
Performance measurement linking budgeting to business objectives
- Divisional performance by cost, profit and investment centres
- Budget variance analysis
Who should attend?
Executives and managers who are required to plan and control costs and manage budget.
Methodology
Participants will be equipped with the necessary knowledge to prepare and interpret reports within the organisation through interactive and simple explanations with illustrations.
Available dates:
14 Mar 2017 (EB: 21/ 2/2017)
21 Jun 2017 (EB: 31/ 5/2017)
12 Oct 2017 (EB: 21/ 9/2017)
About The Training Provider: Effective Outsource Networks
Effective Outsource Networks - EON Consulting & Training Pte Ltd, formerly known as Effective Outsource Networks, was established in 1996 and specialises in providing human capital consulting and training services to organisations in Singapore. It has helped organisations improve on day-to-day human resource operations through three main areas of support, namely, information service, consulting and training. Mission ...
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