Cost Management & Budgeting

Make important decisions for the organisation and future business plans by learning how to properly manage your costing and budgets.

Course Code/ID: CRS-N-0028158

"This course is suitable for those who deal with product or service margin and profitability. Participants will learn the various cost behaviours, calculate the break-even point and costing, as well as budgeting."

Ms Celine Tan, Trainer

Organisations face the issue of making difficult costing and budgeting choices that ensure profitable decisions for the company when changes in the financial markets start affecting the economy. Managers and executives must understand the approach behind cost calculation in order to gain a strong balance in allocating resources along with driving and tracking revenues. This course aims to explain the various key elements, concepts and application of Cost Management and Budgeting, which are commonly used for monitoring internal financial performance and making future business plans.

After the workshop, you will be able to:

  • gain understanding of the concept of cost management
  • know the various factors that affect cost management
  • learn to use cost management information for planning and controlling
  • define budgeting and its role in planning, controlling and decision making
  • understand the budgeting process
  • maintain budgetary control

Outline

  • Overview of Cost and Management Accounting
    – Differences between Financial Accounting, Cost Accounting and Management Accounting- Understanding nature of costs and their behaviour
  • Cost-Volume-Profit Analysis
    – Semi-variable costs
    – Fixed & variable costs
    – Break even analysis
    – Contribution
    – Margin of safety
  • Short-term decision making
    – Assessing opportunity to enter contracts
    – Most efficient use of scarce resources
    – To make or buy?
    – To close or continue?
  • Costing of product
    – Absorption costing
    – Activity-based costing
    – Identifying cost drivers of activities
  • Factors influencing cost management
  • Budgets and budgeting
    – Purpose of budgeting
    – Benefits of budgeting
    – Why budget fails?
    – Budgeting process
    – Types of budgeting
  • Performance measurement linking budgeting to business objectives
    – Divisional performance by cost, profit and investment centres
    – Budget variance analysis

Who should attend?

Executives and managers who are required to plan and control costs and manage budget.

Methodology

Participants will be equipped with the necessary knowledge to prepare and interpret reports within the organisation through interactive and simple explanations with illustrations.

Trainer

Ms Celine Tan is a highly accomplished professional who has worked in several senior positions in public listed companies and MNC in the field of financial and management accounting for over 20 years, spanning across the industries of auditing, transportation, healthcare, shipping and trading. Her experience includes the delivery of training programmes in finance and accounting-related subjects, and she possesses well-developed interpersonal skills and the ability to stimulate and encourage learning. Her core competencies include financial accounting, management reporting, budgeting, financial analysis, project evaluation, and process and system improvement.

Celine is a Fellow of The Association of Chartered Certified Accountants UK (ACCA) and a member of the Institute of Certified Public Accountants of Singapore. She has also obtained the Advanced Certificate for Training and Assessment (ACTA) from Institute for Adult Learning, as well as a MBA (with distinction) from University of Strathclyde.

Essential Information

Available Dates

  • 10 January 2020 (EB: 19/12/2019)
  • 4 June 2020 (EB: 14/5/2020)
  • 18 September 2020 (EB: 27/8/2020)
  • 11 December 2020 (EB: 19/11/2020)

Venue

Royal Plaza on Scotts or similar