Budgeting and Cost Control: Principles and Practices

Start Date End Date Venue Fees (US $)
17 May 2026 Geneva, Switzerland $ 4,950 Register
27 Sept 2026 Dubai, UAE $ 3,900 Register
01 Nov 2026 Istanbul, Turkey $ 4,500 Register

Budgeting and Cost Control: Principles and Practices

Introduction

Budgeting and Cost Control is fundamental for contemporary organizations. This training course will help you master the most widely used internal tools for planning and monitoring activities and sustaining performance over time. The Budgets are inextricably linked with both strategy formulation and execution. But accurate Budgets depend on Cost Control and their accurate analysis. It is essential to understand how costs behave so that realistic plans can be produced, and appropriate financial and non-financial resources can be made available to the business. This training course will allow you to master the traditional tools of budgeting and control as well as new dynamic approaches, which reflect and respond to the current complex business environment.

Objectives

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

    • Master the Essential Component of Costing and Budgeting
    • Understand Fixed and Variable Costs, Direct and Indirect, OPEX and CAPEX
    • Link innovative approaches to Cost Savings
    • Improve Capital Budgeting
    • Measure and Manage the Performances that Matters

Training Methodology

This is an interactive course. There will be open question and answer sessions, regular group exercises and activities, videos, case studies, and presentations on best practices. Participants will have the opportunity to share with the facilitator and other participants on what works well and not so well for them, as well as work on issues from their own organizations. The online course is conducted online using MS-Teams/ClickMeeting.

Who Should Attend?

This training course is suitable for a wide range of professionals, but will greatly benefit:

  • Financial Planning & Control Staff
  • Those With Direct or Indirect Financial Responsibilities
  • Those From Every Business Discipline and Department Who Have to Run Departments and Budgetary Plans, and Who is Responsible for Cost and Strategic Analysis
  • Those From All Sectors of Industry, Irrespective of Functional Responsibilities, but Particularly Those Involved in Manufacturing, Production, Engineering or Sales
  • Those Working in a Project Management Environment

Course 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 of 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 for 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

Accreditation

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