In particular, this seminar enables participants to:

• Link budgeting and costing with strategy execution
• Understand the critical factors which have an impact on business processes
• Discuss about modern system of cost analysis for budgeting purposes
• Master the budgeting and financial skills required for better decision-making
• Identify sources of financial and operational data to support the budgeting process
• Explore the best practices required to manage the multiple organizational performances

Organizational Impact

• Cost and budgeting awareness will be enhanced
• Higher chances to design or select a budgetary system that works
• Broadened knowledge of performance management techniques
• Better attitude to link cost and budgeting to strategy and performance measurement
• Deeper understanding of cause and effect relationship for budgeting purposes
• Better awareness of non-financial implications of budgeting and cost management

Personal Impact

• Delegates will understand the budgeting methods most useful to them
• They will understand how to construct a relevant and efficient budget
• They will learn to evaluate the usefulness of costing techniques in accurately calculating and ensuring profitability
• They will reinforce and expand their knowledge by linking budgeting to strategy and performance measurement
• They will broaden their understanding by linking financial and operational issues

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

• A framework and methodology for measuring and modeling Operational Risk
• How to identify, analyze, measure and manage risks by employing models and methodologies
• Various software’s offered by vendors for Operation Risk Management Every professional involved in the global financial services industry (as a provider, user, regulator or advisor of product/services, marketplace/exchange) would benefit from BTS’s innovative solutions.

• The staff person who will be responsible for entering data into the budget system or training others how to enter information
• Those who want to gain control of the firm's financial standing and obtain a firm grasp on the numbers side of their job
• Financial Professional, Professional R&D, Sales / Marketing Professional, General Accounting Professional, Business Unit Professional
• Anyone who wants to refine and advance the budgeting and costing knowledge

This interactive Training will be highly interactive, with opportunities to advance your opinions and ideas and will include:
• Lectures
• Workshop & Work Presentation
• Case Studies and Exercise
• Videos and General Discussions

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

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 on the financial statements
• Balance sheet, Income statement and cash-flow

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

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)

Broadening the Performance Measurement Systems

• Shortcomings of traditional approaches to budgeting and performance measurement
• Need to linking financial to operational issues
• Recent best practices
• Balanced Scorecard and Six-sigma
• Financial perspective
• Customer perspective
• Internal Business Process perspective
• Learning and growth perspective

Developing and adapting the scorecard

A RECTUS attendance certificate will be awarded to all participants who complete at least 80% of the total course duration