Budgeting and Cost Control
Course Location: Garden City Premier Business School, 13, Herbert Macaulay Street, Old GRA, Port Harcourt.
WEEK FOUR
DAY 1: Fundamentals of Budgeting & Cost Control
Introduction
This session introduces budgeting as a strategic management tool, focusing on planning, cost behavior, and financial control mechanisms.
Objectives
- Understand budgeting principles
- Identify types of budgets
- Analyze budgeting processes
- Differentiate cost types (fixed vs variable)
- Apply cost-volume-profit analysis
- Evaluate contribution margins
Course Outline
Morning Session:
- Budgeting fundamentals
- Budget types
- Budget preparation
Afternoon Session:
- Cost concepts
- Cost behavior
- CVP analysis
DAY 2: Capital Budgeting & Investment Appraisal
Introduction
Focuses on evaluating investment decisions using financial techniques and strategic considerations.
Objectives
- Understand time value of money
- Apply NPV, IRR, ARR, and payback methods
- Evaluate capital projects
- Conduct sensitivity analysis
- Develop capital budgeting frameworks
Course Outline
Morning Session:
- Capital budgeting techniques
- Cost of capital
Afternoon Session:
- Investment appraisal
- Sensitivity analysis
DAY 3: Price Budgeting & Costing Systems
Introduction
Explores pricing decisions and costing systems used in budgeting, including activity-based approaches.
Objectives
- Understand pricing strategies
- Differentiate direct and indirect costs
- Apply activity-based costing (ABC)
- Analyze cost drivers
- Implement activity-based budgeting (ABB)
Course Outline
Morning Session:
- Pricing and cost allocation
- Cost drivers
Afternoon Session:
- ABC and ABB
- Budgetary control systems
DAY 4: Advanced Budgeting & Forecasting
Introduction
Focuses on modern budgeting approaches and forecasting techniques for dynamic business environments.
Objectives
- Apply forecasting techniques
- Develop rolling budgets
- Understand flexible budgets
- Perform variance analysis
- Build budgeting models
Course Outline
Morning Session:
- Forecasting
- Rolling budgets
Afternoon Session:
- Flexible budgets
- Variance analysis
DAY 5: Performance Measurement & Control
Introduction
This session integrates budgeting with performance management using financial and non-financial metrics.
Objectives
- Link KPIs to strategy
- Apply balanced scorecard approach
- Evaluate performance systems
- Integrate financial and operational metrics
- Improve organizational performance
Course Outline
Morning Session:
- KPIs and strategy
- Balanced scorecard
Afternoon Session:
- Performance systems
- Best practices
