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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