Sales Ended

Effective financial planning and cost control

Event Information

Share this event

Date and Time

Location

Location

Madrid

Madrid

Spain

View Map

Friends Who Are Going
Event description

Description

Programme Overview

Organisations, both in the private and public sector need to ensure that their budget processes are aligned with their strategic goals and encourage the right behaviours throughout the organisation. Decision makers within organisations need to be able to manage their budgets, understand the financial consequences of their decisions and rely upon and understand the costing information presented to them.

This interactive 5-day programme will enable managers in the private and public sector to understand and apply a range of techniques underpinning budgetary planning and cost control. These techniques will support the effective management of organisations via preparing realistic budgets aligned to organisational goals and managing performance against budget.

Who should attend

This training course is ideal for senior managers who are involved in business planning and budgeting or managers who control cost and budgeting for their departments or organizations or anyone who are currently managing projects and/or contracts, including:

  • Middle Management
  • Operations & Back Office
  • Financial and Product Control
  • Finance Business Partners, Accountants and Consultants
  • Planning and Budgeting & Regulatory Reporting
  • Auditors and Internal Control
  • Risk and Compliance Regulators
  • Graduate and Management Trainees

By the end of this training course, participants will:

  • Develop budgets to achieve organisational goals
  • Select an appropriate budget model for their organisation
  • Determine the impact of cost behaviours on their budgets
  • Take key decisions on budgeting for capital assets
  • Drive appropriate overhead behaviour
  • Maintain strategic cost control, with advanced tool sets
  • Manage constrained resource and apply ABC & lean techniques
  • Manage internal service levels, apply the input output model

Course Outline

Strategic planning, budgeting and cost control

  • Introduction & objectives
  • Principles of effective budgeting & cost control risk
  • Elements of strategic plans
  • Outcomes, outputs, processes and inputs
  • Assessing the financial consequences of strategic choices
  • The role of budgets
  • Linking plans to budgets
  • The budget setting and monitoring process

Budgeting

  • Budgeting methods
  • Cash vs. accruals budgeting
  • Types of budgets (incremental, zero-based etc.)
  • Devolving budgets, pros and cons
  • Setting budget responsibility centres and targets
  • Managing budget behaviours
  • Capital budgeting
  • Net present value and other investment appraisal tools
  • Reporting performance against budget

Cost control

  • Cost behaviours (fixed, variable etc.)
  • Direct and indirect costs
  • Controllable and uncontrollable costs
  • Cost allocation and control methods
  • Managing and costing constrained resources
  • Overhead absorption rates
  • Activity based costing
  • Variances and interpretation of financial performance

Cost management and reduction tools

  • Balanced scorecard
  • Lean techniques
  • Six-Sigma
  • Value based management
  • Pros and cons of internal service level agreements
  • Steps to continuous improvement culture
  • Establishing and managing a culture of cost control

Methodology

To enhance learning effectiveness, hand on experience will be emphasised in this programme through role-plays in class presentation, group facilitation and class critique.

Case studies, group discussions and video support will also be used to enhance learning experience. Fun quizzes will be injected to provide formative assessment and a fun learning environment.

Share with friends

Date and Time

Location

Madrid

Madrid

Spain

View Map

Save This Event

Event Saved