Workshop on Effective Budgeting and Operational Cost Control

The effective management of budgets and operational cost is a key aspect in leading and managing organizations. Budgeting, as well as tracking, controlling, and reducing cost represent essential activities to be performed and monitored as strategies get executed.

To ensure effective and prudent financial management in the organization, there is the need to prepare a realistic budget and ensure compliance with the approved budget plan. Furthermore, operational costs need to be monitored and controlled so that as to ensure financial discipline. This training program will help participants appreciate the concepts and methodology around cost management and budgeting.

Learning Objectives:

At 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
• 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
• Identify appropriate outputs for an organizational unit or programme component.

For Whom:

This program is designed for senior managers who manage budgets, managers who are currently managing projects and/or contracts. Senior managers who control cost and budgeting for their departments or organizations will also find this course extremely beneficial.