16-M

AY-16

16 - 18 October 2016Oman

Effective Budgeting, Cost Control and Overhead Reductionin an Economic Downturn

This training course will highlight:

• Effective budgeting and performance measurement• Fullcosting, marginal costing, and activity based costing (ABC)• Operating budgets, cash budgets, and master budgets• Fixed budgets, flexed budgets, and variance analysis• Continuous performance improvement, and the balanced scorecard

This course is Designed, Developed, and will be Delivered under

ISO 29990:2010 &ISO 9001:2015 Standards

Why ChOOSe ThIS TraInIng COurSe?

Very much like when the rocks below the sea become visible when the tide goes out, high levels of organisational overheads are exposed during an economic downturn, the result of which is lower profit levels and possibly losses. The position may be acceptable within the short term, but if such a situation continues over an extended period it is an obvious threat to economic survival. This therefore requires an assessment of the level of necessary overhead sand other resources required to support lower levels of economic activity.

The budget is a plan of how resources may be economically acquired and allocated over the short term (up to one year forward). Effective budgeting recognises changes in the external economic environment, such as an economic downturn, and then identifies the areas in which appropriate responses are required to prepare a financially viable plan.

This training course deals comprehensively with these issues in plain language that is easy to understand. It covers in detail how alternative costing systems are used in budget preparation. It also explores alternative approaches to costing, and budgetary control that may more accurately identify individual areas of overhead and determine appropriate levels of overhead, materials and labour resources to support reduced levels of activity.

The Instructors own commercial career experiences and many other real-world business scenarios are shared throughout this stimulating seminar to illustrate and reinforce the practical application of the tools and techniques and best practice.

WhaT are The gOalS?

By the end of this training course, participants will have learned how to:

• Identify the links between financial planning, budget setting, and performance measurement

• Use alternative approaches to costing for planning, budgeting and budgetary control to identify specific overheads and their appropriate levels

• Prepare an operating budget, cash budget, and master budget

• Develop budgetary control systems, and analyse variances using flexed budgets

• Integrate continuous performance improvement into the budget process and link budgets and KPIs with financial plans using the balanced scorecard

WhO IS ThIS TraInIng COurSe fOr?

It is crucially important for everyone involved in planning, budgeting and budgetary control to be conversant with best practices and their practical application. In a period of economic downturn in particular this is even more essential to ensure that organisational goals are met.

This training course is suitable for a range of personnel from companies, corporations and governmental organisations and, in addition to financial analysts, controllers, accountants and departmental managers active in the planning and budget setting processes,will benefit business professionals working in:

• Estimating and Costing• Operations• Facilities Management• Sales and Marketing• Quality Management• Engineering• Project Management• Procurement• Logistics• Research And Development• Asset Management• Human Resources,

and any other financial and non-financial personnel that need or wish to understand financial planning, costing and the control of overheads, budgeting and budgetary control.

hOW WIll ThIS TraInIng COurSeBe PreSenTed?

Individuals with varied experience and knowledge are encouraged to share their own experience and consider alternative approaches introduced during the seminar. Formal presentations will be supported by numerous worked examples, the use of real-world scenarios and group discussion. In this supportive and interactive workshop environment your Instructor will facilitate team case studies and exercises that will reinforce the hands-on application of each of the learning points and topics covered.

Difficult mathematical concepts are minimised wherever possible and handled in a visual and user-friendly way– our aim is for this to be an enjoyable learning experience.

Effective Budgeting, Cost Control and Overhead Reduction in an Economic Downturn

www.PetroKnowledge.com

Quality Certifi cations

The PMI® Registered Education Provider logois a registered mark of the Project Management Institute, Inc.

Clear Concepts. Clean Environment.

Member of

Membership No.: 125094

Daily Topicsday Onefinancial Planning, Costing Systems and Control of Overheads

• The planning process• External environment analysis, internal resources analysis,

SWOT and PESTEL• Financial planning, and long-term and short-term financing• Cost behaviour – fixed costs, variable costs, contribution, and

cost/volume/profit (CVP) analysis• Product costs and period costs, traceable costs and

non-traceable cost allocation• Direct costs, indirect costs, absorption costing, marginal costing,

and activity based costing (ABC)

day TWOeffective Budgeting

• What is a budget – and why budget?• The budget process• Budgeting for labour costs and depreciation• The departmental budget• The master budget and the cash forecast/budget• Behavioural aspects of budgeting

day ThreeBudgetary Control,Performance Measurement and Improvement

• Activity based budgeting (ABB)• Budgetary control systems and responsibility accounting• Standard costing for budgeting and budgetary control• Fixed budgets, flexed budgets, variance analysis and the

reasons for variances• Integrating continuous improvement into the budget process• The balanced scorecard – linking strategy with budgeting and with

performance measurement

EffECTivE BuDgETing, COsT COnTROl AnD OvERhEAD REDuCTiOn in An ECOnOMiC DOwnTuRn

Please use BlOCK CAPiTAls to fill in this form. it is important that you read carefully through all information before starting to complete the form.

hOTel aCCOMMOdaTIOnhotel accommodation is not included in the Registration fee. A reduced corporate rate and a limited number of rooms are available for attendees wishing to stay at the hotel venue.

Please make your request for accommodation at least 3 weeks prior to the commencement of the course.

CanCellaTIOnS & SuBSTITuTIOnS

You must notify the Registrar of cancellations at least 2 weeks before a scheduled seminar in order to be eligible for a credit. if you cannot attend, you may send a replacement from your organisation at no charge. There is a $250 handling charge for all cancellations or rescheduling. we reserve the right to cancel a seminar due to low enrolment. All registrants will be notified in advance and a full refund will be provided upon request.

dISClaIMer

Circumstances beyond the control of PetroKnowledge may necessitate postponement, change of venue or substitution of the instructor. As such, PetroKnowledge reserves the right to implement such amendments.

regISTraTIOn feeS

us$ 3,500/ - per participant

This fee is inclusive of Documentation, lunch and Refreshments

CerTIfICaTIOn

A Certificate of Completion will only be awarded to those delegates who attend the entire course

MOde Of PayMenT

q Please invoice my companyq Please invoice meq Cheque payable to “PetroKnowledge limited”

WayS TO regISTer

T: +971 2 5577 389f: +971 2 5577 128e: info@petroknowledge.comW: www.petroknowledge.com

COurSe SChedule

regISTraTIOn deTaIlS

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“Training & Development Servicesfor the Oil & Gas Industry”

PetroKnowledge limitedP. O. Box 135120Abu Dhabi, u.A.E.

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Effective Budgeting, Cost Control and Overhead Reduction in an Economic Downturn

16 - 18 October 2016

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