Advanced Budgeting & Cost Management

Course Overview

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 organisations. 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 costs, represent essential activities to be performed and monitored by organisations 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.

Course Objectives

After the training course, the participants will learn to:

• Enhance costing and budgeting terminology used in business
• Understand the importance of 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

Target Audience

It is suitable for a wide range of working professionals, including (but not limited to) the following: 

• Financial Professional
• Professional R&D
• Sales & Marketing Professional
• General Accounting Professional
• Business Unit Professional
• 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
• Anyone who wants to refine and advance the budgeting and costing knowledge

Training Methodology

This 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.