Budget preparation, cost allocation and control are important elements for all organizations regardless of their sizes. It is important for organizations that the employees have the budgetary skills and able to analyze the costs effectively. Such skills are important in times of increasing global competition where the budgets are inextricably linked with both strategy formulation and cost analysis. Understanding budgeting and costing are essentials for organizations and likely to contribute significantly to their success in contemporary competitive environment.
Understanding accounting
Management accounting versus financial accounting
The relationship between business management and financial management
How budgeting fits into the bigger picture
How cost management improves an organization's financial position
Key aspects of managing working capital
The time value of money
Understanding Appraisal Techniques – Net Present Value (NPV), Internal Rate of Return (IRR) and Payback period
Selecting an appraisal technique
The use of Sensitivity analysis in evaluating projects
Strategic considerations in assessing capital projects
Creating an effective Capital Budgeting framework
Understanding cost structure and behavior
Costs as a relationship to outputs – cost/volume/price relationship
The concept of contribution margin
Break-even analysis for planning and control
Cost allocation and apportionment
Benefit-cost analysis
Comparing full and marginal costing
Direct and indirect costs in budgeting for decision making
Role of costs in pricing strategies
Activity Based Costing (ABC)
Managing cost control
Nature and purpose of budgets for planning and control
Types of budgets and budgeting
Creating Key Performance Indicators for financial and non-financial performance
Building a budget
Budgetary control and variance analysis
Budgeting for non-financial measures -introducing the Balanced Scorecard
Understand the importance of a well-defined budget process
Learn costing and budgeting terminology used in business
Master techniques for cost-benefit analysis
Learn how to construct profit, cash and balance sheet plans and budgets
Learn how to evaluate variances from plan and identify corrective actions
Understand discounted cash flow (DCF) techniques and their application to financial decision making
Build and use budgets relevant to your organization
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