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 Budgeting and Cost Control 24 Feb Kuala Lumpur Malaysia QR Code
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Finance and Accounting

Budgeting and Cost Control


REF : F184 DATES: 24 - 28 Feb 2025 VENUE: Kuala Lumpur (Malaysia) FEE : 5300 

Overview:

Introduction:

All business decision-making involves analyzing situations containing varying degrees of risk. This training program uncovers the essential skills required to understand the processes of budgeting and cost control for better decision-making.

Program Objectives:

At the end of this program, participants will be able to:

  • Identify the principal factors required to produce a successful business case.

  • Develop budgeting and financial skills required for better decision-making.

  • Identify sources of financial and business data to support the budgeting process.

  • Master techniques for cost-benefit analysis.

  • Construct profit, cash, and balance sheet plans and budgets.

  • 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.

Targeted Audience:

  • Financial Professional.

  • R&D Professional.

  • General Accounting Professional.

  • Business Unit Professional.

  • Personnel responsible for entering data into the budget system or training others how to enter information.

Program Outlines:

Unit 1:

The Need for Financial Control in Business: 

  • 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.

Unit 2:

Capital Budgeting and Investment Appraisal: 

  • 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.

Unit 3:

Cost Analysis and Management: 

  • 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.

Unit 4:

Full Costing, Marginal Costing, and Activity-Based Costing: 

  • 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.

Unit 5:

Budget Construction and 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.