An Interactive 5-Day Training Course
Estimating, Budgeting and Cost Control
Course Overview
Budgeting and cost analysis are crucial elements for the management of contemporary organizations. Nowadays, if companies want to stay competitive, they are urged to link their strategies with accurate systems of resource allocation and performance measurement. Along this line, budgeting, as well as tracking, controlling & reducing cost represent essential activities to be performed and monitored by organizations as they implement their key processes, activities and operations.
In addressing these issues, this training course is relevant to those professionals & analysts facing the difficult challenge of improving performance while reducing costs of those processes for which they are accountable. This training course provides participants with key cost awareness and budgetary skills, which are essential for managing and controlling resources in times of increasing global competition where the budgets are inextricably linked with both the achievement of strategic objectives as well as with evaluation of future plans and initiatives.
In particular, this training seminar enables participants to:
- Link budgeting and costing with strategy execution
- Understand the critical factors which have an impact on business processes
- Discuss about modern system of cost analysis for budgeting purposes
- Master the budgeting and financial skills required for better decision-making
- Identify sources of financial and operational data to support the budgeting process
- Explore the best practices required to manage the multiple organizational performances
Training Outline
DAY 1: Introduction: The Relevance of Budgeting and Cost Management Within Strategy Execution
- The link between strategy, planning, budgeting and cost management
- Why budgeting and costing are so important to manage your company
- Towards a cross-functional process-view of the organization
- Financial vs. Managerial accounting (where you get information for decision making)
- Understand your processes: integrating financial and non-financial aspects
- Identify and discuss the key issues in terms of budget/costing for your own organization
- Discussion
DAY 2: The Budgeting Framework and its Role Within the Management Process
- The role of budgeting within management accounting
- The value of budgeting in your company
- Behavioral implications of budgeting
- Key concepts and terminology
- Advantages and disadvantages: critical issues to be discussed
- Overview on the financial statements - Balance sheet, Income statement and cash-flow
- Case discussion and examples
DAY 3: Cost Management for Budgeting Purposes
- Cost concepts and terminology
- Different costs for different purposes
- Fixed vs. Variable costs: the Cost-Volume-Profit analysis model
- Contribution Margin analysis
- Manufacturing vs. non-manufacturing costs
- Period vs. Product costs: inventory evaluation and control
- Case study and discussions
DAY 4: Case Study Day - Traditional vs. Advanced Techniques in Cost-control
- Under-costing and over-costing: the consequences for profitability
- How to refine a costing system?
- Indirect vs. Direct costs: Traditional Cost Allocations systems vs. Activity-based Costing
- Cost drivers: linking resources, activities and management
- Introducing Activity-Based Budgeting (ABB) and Management (ABM)
- Case Study analysis
- Examples and videos
DAY 5: Broadening the Performance Measurement Systems
- Shortcomings of traditional approaches to budgeting and performance measurement
- Need to linking financial to operational issues
- Recent best practices: the Balanced Scorecard and Six-sigma
- Financial perspective, Customer perspective
- Internal Business Process perspective, Learning and growth perspective
- Developing and adapting the scorecard
- Video, Case study illustration and discussion
Certificates
- On successful completion of this training course, GLOMACS Certificate will be awarded to the delegates
- Continuing Professional Education credits (CPE) : In accordance with the standards of the National Registry of CPE Sponsor, one CPE credit is granted per 50 minutes of attendance
Accreditation
GLOMACS is registered with NASBA as a sponsor of Continuing Professional Education (CPE) on the National Registry of CPE Sponsors. NASBA 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: www.learningmarket.org.
All Training Seminars delivered by GLOMACS by default are eligible for CPE Credit.
Providers and Associations
About Saudi Glomacs
At Saudi GLOMACS, we specialize in delivering world-class training courses in Saudi Arabia and across various international locations. Our training courses are tailored to meet the unique demands of Saudi Vision 2030 and the Human Capability Development Program, focusing on empowering Saudi citizens and enhancing workforce skills. We offer diverse courses spanning leadership, management, engineering, and technical disciplines to cultivate expertise and drive professional growth. Our flexible learning options—whether in-person, online, or in-house—ensure accessibility and convenience for individuals and organizations alike.
With over 30+ years of experience through the GLOMACS global network, we are committed to delivering innovative, results-driven training solutions. Our expert instructors combine industry knowledge with dynamic teaching methods, fostering practical skill development and long-term career success. By choosing Saudi GLOMACS, you're investing in personal excellence and contributing to the Kingdom’s sustainable economic growth and vision-driven transformation.
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