Effective Budgeting and Cost Control. Contents are subject to change. For the latest updates visit

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1 Effective Budgeting and Cost Page 1 of 9

2 Why Attend ning and budgeting are must-have skills for all professionals regardless of their function or managerial level. This course covers the concept of budgeting as a planning tool, a financial device and a control mechanism. In addition, it provides the necessary application tools required to making long-term and short-term planning decisions. Course Methodology This course focuses on exercises, case studies, and individual and group presentations. Course Objectives By the end of the course, participants will be able to: Defend the importance of linking an organization's budget with its strategic plan Demonstrate how the budget relates to the key financial statements: balance sheet, income statement, and cash flow Prepare the key elements of an operating and capital budget and evaluate the different budgeting approaches used Apply cost control tools, analyze management variance reports and take proper corrective action Calculate different capital budgeting evaluation techniques as included in a capital expenditure proposal Utilize cost-volume-profit analysis in making budgeting decisions Target Audience All managers, supervisors and analysts who prepare or use management budgets. Target Competencies Interpreting Financial statements ning and budgeting Cost control Capital budgeting Applying cost-volume-profit analysis Utilizing breakeven analysis Course Outline ning and the functions of management The critical functions of management Aligning the budget with the strategy of the organization Road map to strategy Budget as a planning tool : the missing link ning pitfalls The key financial statements The accounting system The income statement The balance sheet The cash flow statement Budgeting: process and approaches The advantages of budgeting The budget process Rolling budgets The master budget Operating and capital budgets The budgeted financial statements Page 2 of 9

3 Approaches to budgeting: Incremental budgeting Zero based budgeting Flexible budgeting Kaizen budgeting and continuous improvement Activity based budgeting Tools of forecasting Direct and indirect costs Characteristics of an effective budget Problems in budgeting Cost control Budget as a control tool The control process Characteristics of an effective control system Responsibility reporting Variance analysis: identifying the components of variance Variance analysis: taking the corrective action Capital expenditure budgeting and analysis Time value of money Simple versus compound interest Identifying and analyzing cash flows The discount rate: using cost of capital Net Present Value (NPV) Internal Rate of Return (IRR) Profitability Index (PI) Pay-Back Period (PBP) Accounting Rate of Return (ARR) Approval for Expenditure (AFE) Sensitivity and risk analysis Cost-Volume-Profit analysis (CVP) Identifying the fixed costs and variable costs Computing breakeven point in units Computing breakeven point in sales Assumptions of CVP analysis Using CVP in budgeting decisions Page 3 of 9

4 Associations National Association of State Boards of Accountancy (NASBA) : Meirc Training & Consulting is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website Location & Date 7-11 Oct, 2018 Sofitel Downtown Dec, 2018 Raffles Feb, Mar - 4 Apr, Jun, Oct, Dec, 2019 : US$ (including coffee breaks and a buffet lunch daily) Per participant Per participant VAT as applicable Tax Registration Number This course is worth 25 NASBA CPEs Page 4 of 9

5 ning and Strategy Management Sep, 2018 US$ Sep, 2018 Certified Crisis Management Professional US$ Sep, Sep, Sep, 2018 ning, Organizing and for Optimal Results Beirut US$ Oct, 2018 The Certified Business Analyst Professional US$ Oct, Oct, 2018 Strategy Management in the Public Sector 28 Oct - 1 Nov, Oct - 1 Nov, Nov, 2018 Certificate in Key Performance Indicators (KPIs) US$ Nov, 2018 The Effective Analyst: From Research to Nov, 2018 Business Continuity Management US$ Nov, 2018 US$ Nov, Nov, 2018 The Balanced Scorecard: Achieving Performance Excellence 2-6 Dec, Dec, 2018 Shaping the Future: Tools for Developing Strategic Foresight 9-13 Dec, Dec, Dec, Dec - 3 Jan, Jan, 2019 Page 5 of 9

6 ning and Strategy Management 3-7 Feb, Feb, Feb, Feb, Feb, 2019 Certificate in Key Performance Indicators (KPIs) 3-5 Mar, 2019 Business Continuity Management US$ Mar, Mar, 2019 The Balanced Scorecard: Achieving Performance Excellence Mar, 2019 Developing Effective Public-Private Partnerships (PPPs) Mar, Mar - 4 Apr, 2019 Shaping the Future: Tools for Developing Strategic Foresight 7-11 Apr, Apr, Apr, 2019 Certified Crisis Management Professional US$ Apr - 2 May, Jun, Jun, 2019 Certificate in Key Performance Indicators (KPIs) 30 Jun - 4 Jul, 2019 The Certified Business Analyst Professional 7-11 Jul, Jul, 2019 Strategic Decision Making in Competitive Environments Jul, 2019 Building and Presenting a Powerful Business Case 4-8 Aug, Aug, 2019 Barcelona Page 6 of 9

7 ning and Strategy Management 8-12 Sep, 2019 Istanbul Sep, Sep - 3 Oct, 2019 Abu Dhabi 6-10 Oct, 2019 Competitive Strategies and Value Innovation 6-10 Oct, 2019 Cairo Oct, 2019 The Balanced Scorecard: Achieving Performance Excellence Oct, 2019 Business Continuity Management US$ Oct, 2019 The Effective Analyst: From Research to Oct, Oct, 2019 Strategy Management in the Public Sector 3-7 Nov, Nov, Nov, Nov, 2019 Certificate in Key Performance Indicators (KPIs) Nov, 2019 Developing Effective Public-Private Partnerships (PPPs) Nov, Dec, 2019 The Certified Business Analyst Professional 2-4 Dec, 2019 Business Intelligence and Data Analysis Workshop Beirut US$ Dec, 2019 Shaping the Future: Tools for Developing Strategic Foresight Dec, 2019 Certified Crisis Management Professional US$ Dec, Dec, Dec, 2019 Page 7 of 9

8 ning and Strategy Management Dec, Dec, 2019 Conducting Successful Business Reviews US$ 3600 Page 8 of 9

9 ning and Strategy Management Page 9 of 9