Lesson series
4-6 July: Project Budgeting & Cost Management
Budget considers the road map for any organization now days and the view for the future, where the company will be after coming year.
Budget planning plays an important role as it is use as control tool in the different stage in any company.
Planning the budget consider as an auditing tool by comparing the budget with actual and analyse the variance and audit the causes of this variance.
TIMINGS:
12 PM - 5 PM (UAE)
10 AM - 3 PM (EU)
9 AM - 2 PM (UK)
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Course Lessons
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Course outline
Project Budgeting and
Cost Management
- Costs Analysis for Budgetary Purposes and Budget Forecasting in petroleum sector
- Methods of costing and Production forecasting
- Costing for budgeting: Why?
- Cost terms and purposes
- Fixed and variable costs
- Methods of costing forecasting
- Cost, volume, profit (CVP) relationships
- The key concept of contribution margin
- Direct and indirect cost – the allocation problem
- Traditional methods versus activity based costing (ABC
- The Framework for Budgeting
- Elements of the budgeting framework
- Key concepts and terminology
- Advantages and disadvantages: critical issues to be discussed
- Introducing cost analysis for decision-making
- The importance of understanding full costs
- Beyond Budgeting: Broadening Performance Measurement Systems
- Shortcomings of traditional approaches to budgeting and measurement
- Linking financial to operational issues
- Flexed Budgets and Variance Analysis
- Budgeting for management control purposes
- Explain why standard costs are used in variance analysis
- Describe the difference between a fixed budget and a flexed budget
- Compute flexed budget variances and sales volume variances
- How to interpret variance analysis
- Integrate continuous improvement into variance analysis
- Is budgeting enough
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