Budgeting, Cost Control and Reduction

The whole business world is running after the key words and/or objectives such as profit maximization, wealth maximization, cost control and reduction.  The companies that are successful in controlling and reducing costs are the only examples of success stories for survival and growth. Apart from this successful budgeting is called for managing an entity’s operations and strategic initiatives. Therefore this training program is fundamentally designed to offer the participants insights into the above areas including budgeting process, tools and techniques, cost control and cost reduction techniques. These essential skills can add value to the organization in general and to the participants in particular through informed and/or rational decision making.

Course Outline
    Budgeting process, control, and techniques
  • Budgeting as tool for planning and controlling
  • Purpose, process and/or approaches of budgeting
  • Different types of budgets and their relevancy in decision making
  • How to link KPIs with budgeting
  • Development of various budgets
  • Budget performance measurement and interpretation
  • Budgetary control and variance analysis
  • Application of Balanced Score Card to Budgeting
Cost terminologies, costing process, and methods
  • Cost terminologies, cost sheet and presentation
  • Different types of cost and their relevancy in decision making
  • Understanding cost structure and cost behavior
  • Methods of costing: process costing, job costing, Marginal costing etc
  • CVP analysis for planning and control
  • Cost-Benefit-Analysis: when and why it is performed?
  • Cost allocation and apportionment to different products, services, departments
Cost analysis, management, and control
  • Costing and impact on short term decisions
  • Decisions involving alternative choices
  • Comparison of full and marginal costing
  • Special and/or one time order decisions
  • Role of costs in pricing decisions
  • Activity Based Costing (ABC) and Activity Based Management (ABM)
Cost control, and cost reduction
  • Difference between cost control and cost reduction
  • Cost reduction techniques: Value Analysis, Supply Chain Management, Economic Batch Quantity (EBQ), Economic Order Quantity (EOQ), Activity Based Cost Management (ABCM), Just in Time (JIT), Lean Manufacturing, Total Quality Management (TQM), PERT Analysis etc.
  • Application of cost reduction techniques in construction industry.
Take Away
  • Understand the process budgeting, types of budgets; prepare budgets in real life scenario.
  • Master the cost terminologies, costing methods and approaches, costing a product and/or service.
  • Understand and apply cost control and cost reduction techniques in real life situations.
  • Enhance your capabilities with a view to make sound decisions within your functional areas.
Suitable For

Professionals involved in the preparation of budgets, cost evaluation and reduction.

Duration: 3 Days
Tentative Dates: 14th October to 16th October 2019
Fee: Rs. 18000 Per Participant (10% discount for group of participants)

MIAN AHMAD FARHAN, FCA, MBA

An enthusiastic, competent, self-motivated and hardworking Business Graduate and Chartered Accountant holding 25 years of sound professional exposure with proficiency in multiple aspects of business governance, educational leadership, financial advisory, and corporate training.

He is able to use own initiatives and to deliver quality as team leader. He possesses strong interpersonal and communication skills to managing and motivating operational teams, managers, service users, and delivery partners to achieve set objectives.

He is a motivational speaker and has delivered numerous lectures on soft skills and life skills. As a corporate trainer he enjoys expertise in the area of Accounting and Finance. His competencies as a professional trainer are proven nationally and internationally.

ARSHAD BHUTTA, CMA (USA), ACCA (Uk)

An educationist, trainer, mentor and coach.  An enthusiastic, competent, self-motivated and hard-working Management Accountant having 11 years of sound professional exposure with proficiency in multiple aspects of Management Accounting, Finance, Financial Accounting, Coaching and Training services. Professional Trainer with International Exposure conducting numerous training’s for professionals of different nationalities; including UAE, Egypt, Jordan, Philippine, India, Pakistan, Afghanistan, Somalia, Morocco, Saudi Arabia, Germany, Kenya, Sri Lank, Qatar in the areas: Financial Accounting, Corporate Reporting, Management Accounting, Performance Management, Business Analysis, Financial Management, Corporate Finance and Internal Audit.