Training Course on Cost Estimation, Budgeting and Cost Control with Microsoft Excel

Course Description

What is Budgeting and Cost Control? Budgeting and Cost Control include estimation of costs, the establishment of an agreed budget, and management of actual costs against that budget. To ensure successful financial management of a department or and even the entire organization, it is essential to plan and prepare a realistic budget and ensure compliance with the approved budget. Furthermore, to ensure this compliance, operational costs must be monitored and controlled so as to ensure financial discipline.

What is Cost Estimation? A cost estimate is a guesstimate or approximate of the cost of a program, project, or operation. The Cost Estimate is a product in the cost estimating process. The Cost Estimate has a single total value and might have identifiable component values. It is, therefore, necessary to understand how costs behave so that realistic plans can be produced, and suitable resources can be made available to the business.

In this Training Course on Cost Estimation, Budgeting and Cost Control with Microsoft Excel offered by Phoenix Center for Policy, Research and Training, you will learn to practice and implement effective cost reduction strategies to keep expenses down and increase profits. You will master the most extensively used budgeting techniques for planning, monitoring and controlling costs.

Course Objectives

Upon the successful completion of this Training Course on Cost Estimation, Budgeting and Cost Control with Microsoft Excel, participants will be able to:

• Understand the impact of budgeting in achieving your organizational goals
• Make better business decisions centred on financial planning and analysis
• Identify and recognize key performance indicators for effective and focused decision making
• Learn how to integrate budgeting and forecasting and associate these with your business strategy
• Implementing appropriate budgeting techniques for better cost control
• Apply the procedure of unit cost measurements in performance-based budgeting
• Determine and apply the costs estimated to create those outputs and calculate a cost per unit of output
• Develop means to increase profitability and performance through streamlined planning and reporting
• Use best practices to design written budget justifications
• Gain greater insight into all the principles of Corporate Finance and See the “big picture” of the organization
• Increase managerial collaboration on business planning and decision-making using budgetary controls and performance review

Training Methodology

The course is designed to be highly interactive, challenging and stimulating. It will be an instructor led training and will be delivered using a blended learning approach comprising of presentations, discussions, guided sessions of practical exercise, case study review, web-based tutorials, group work, exploration of relevant issues collaborative strength training, performance measurement, and workshops of participants’ displays, all of which adhere to the highest standards of training. The training technique is built on learning by doing, with lecturers using a learner-centered approach to engage participants and provide tasks that allow them to apply what they’ve learned. Experiential knowledge is also given equal importance within the format of training. Our facilitators are seasoned industry professionals with years of expertise in their chosen fields. All facilitation and course materials will be offered in English.

Who Should Attend?

This Training Course on Cost Estimation, Budgeting and Cost Control with Microsoft Excel would be suitable for, but not limited to a broad range of professionals, especially those with direct or indirect budget responsibilities within a team, a department or a division. The training course is also appropriate for those who are required to run budgetary plans and responsible for the cost and strategic analysis.

Course Content

Module 1: Budgeting Within a Strategic Framework

• Objectives and Importance of Budgeting
• Translating Strategy into Business Plan
• A Guide to Better Budgets
• Group Discussions & Activities

Module 2: Budgeting Process

• Process Flow of an Organization
• Framework in Manufacturing, Service and Retail Industry
• Budgeting in Small/Large Companies
• Top Down Vs. Bottom-Up Involvement
• Sources of Information
• Revenue and Cost Drivers
• Relationship between Activities, Resources, Costs, and Cost Drivers
• Where to Start with Budgeting?
• Building the Budget
  • Operating Budgets vs. Financial Budgets
  • Operating Budgets: Revenue, Production, Direct Material/Labour, SG&A Budgets, Budgeted Income Statement
  • Financial Budgets: Capex, Cash Budgets, Budgeted Balance Sheet, Budgeted Statement of Cash Flows
  • Detailed dive in Revenue and Overhead Budgeting (Estimation Techniques)
  • Fixed Vs. Variable Cost Considerations
  • Identifying Relevant Cost Drivers
  • Consolidated Picture: The Master Budget
  • Exercises and Analysis
    

Module 3: Practical Guide to Developing Budgets

• Common Budgeting Approaches/Models
  • Incremental, Zero Based, Formula Based, Activity Based, Hybrid
  • Fixed vs. Flexible Budget, Imposed vs. Participatory, Static vs. Rolling Budget
• Benefits and Criticisms of Budgets
• Behavioural Aspects in Budgeting
  • Get Buy-in to the Budget
• Beyond Budgeting: The Drive towards Shareholder Value Creation
• Modelling a Master Budget and Analysis with an Excel Case Study
• Exercises and Analysis
  

Module 4: Tracking Budget Performance

• Variance Analysis: Budget vs. Actual (Control Process)
  • Monthly Variances with Qualitative Inputs for Management
• Cost & Schedule Variances
• Control Ratios
• How to Review Budget?
• Exercises and Analysis

Module 5: Applied Budgeting Tools and Optimization Techniques

• Decision-Making Tools with Excel:
  • Scenario Manager
  • Goal Seek
  • Data Table (Sensitivity Analysis)
  • Solver Technique
• Breakeven Analysis
• How to allow for Uncertainty: Risk Analysis
• Exercises and Analysis
  

Requirements

• Participants should be reasonably proficient in English.
• Applicants must live up to Phoenix Center for Policy, Research and Training admission criteria.

NOTE

1. Discounts: Organizations sponsoring Four Participants will have the 5th attend Free
2. What is catered for by the Course Fees: Fees cater for all requirements for the training – Learning materials, Lunches, Teas, Snacks and Certification. All participants will additionally cater for their travel and accommodation expenses, visa application, insurance, and other personal expenses.
3. Certificate Awarded: Participants are awarded Certificates of Participation at the end of the training.
4. The program content shown here is for guidance purposes only. Our continuous course improvement process may lead to changes in topics and course structure.
5. Approval of Course: Our Programs are NITA Participating organizations can therefore claim reimbursement on fees paid in accordance with NITA Rules.

Booking for Training

Simply send an email to the Training Officer on training@phoenixtrainingcenter.com and we will send you a registration form. We advise you to book early to avoid missing a seat to this training.

Or call us on +254720272325 / +254737566961

Payment Options

We provide 3 payment options, choose one for your convenience, and kindly make payments at least 5 days before the Training start date to reserve your seat:

1. Groups of 5 People and Above – Cheque Payments to: Phoenix Center for Policy, Research and Training Limited should be paid in advance, 5 days to the training.
2. Invoice: We can send a bill directly to you or your company.
3. Deposit directly into Bank Account (Account details provided upon request)

Cancellation Policy

1. Payment for all courses includes a registration fee, which is non-refundable, and equals 15% of the total sum of the course fee.
2. Participants may cancel attendance 14 days or more prior to the training commencement date.
3. No refunds will be made 14 days or less before the training commencement date. However, participants who are unable to attend may opt to attend a similar training course at a later date or send a substitute participant provided the participation criteria have been met.

Tailor Made Courses

This training course can also be customized for your institution upon request for a minimum of 5 participants. You can have it conducted at our Training Centre or at a convenient location.

For further inquiries, please contact us on Tel: +254720272325 / +254737566961 or Email training@phoenixtrainingcenter.com  

Accommodation

Accommodation is arranged upon request and at extra cost. For reservations contact the Training Officer on Email: training@phoenixtrainingcenter.com or on Tel: +254720272325 / +254737566961