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Cost Control Techniques

By: TSI Limited

Lagos State, Nigeria

01 - 03 Jul, 2015  2 year, 3 days

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To ensure effective financial management of a department or and even the entire organization, there is the need to ensure compliance with the approved budget while operational costs need to be monitored and controlled so as to ensure financial discipline. Cost Control ï»¿training course will help participants to understand the main concepts and methodology around cost management and budgeting.

Course Objective

By the end of the course, participants will be able to:

  • Apply the essential concepts of accounting, budgets and finance
  • Apply the use of unit cost measurements in performance-based budgeting
  • Maintain strategic cost control.
  • Appreciate the importance of reducing unnecessary costs 
  • Identify appropriate outputs for an organizational unit or program component
  • Determine and apply the costs estimated to produce those outputs and calculate a cost per unit of output.
  • Use best practices to create written budget justifications
  • Locate guidance on budgeting for capital assets, and integrate performance budgeting into your organization’s budget formulation process.

Course Outline

  • The key role of budgeting and cost control in contemporary organizations
  • Towards a cross-functional process-view of the organization
  • Financial vs. Managerial accounting (for decision making)
  • Understand you processes: integrating financial and non-financial aspects
  • Budgeting and Cost analysis
  • 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
  • Under-costing and over-costing: the consequences for profitability
  • How to refine a costing system?
  • Indirect (OH) Vs. Direct costs: Traditional Cost Allocations systems Vs. Activity-Based Costing (ABC)
  • Cost hierarchy & Cost drivers
  • Linking resources, activities and management
  • Introducing Activity-Based Budgeting (ABB) and Management (ABM)
  • Role of cost management in the business strategy
  • Cost management and motivation
  • Embedding cost control in the business
  • Role of Finance in cost control
Sizzler Place 33, International Airport Road, Ajao Estate Lagos Jul 01 - 03 Jul, 2015
NGN250,000.00
(Convert Currency)

+1-646-202-8832, +2348033467639, +2348023019508,

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