- Duration: 4 Days
Course details
Objectives:This course will develop the participants’ skills in:
- Being aware of costs at all times
- Seeking cost reduction from the start (including life-cycle costing)
- Appraising projects / production to identify and take out risk
- Understanding real budgeting
- Using techniques such as ZBB and ABC where appropriate
- Ensuring cost reports lead to action
- Managing a cost reduction process that delivers
- Introduction – the cost management process
- The risks of poor cost control
- Capital and revenue costs
- The importance of cost awareness
- The importance of cost reduction
- Cost management – the key aspects
- How to build a cost management and control process checklist for your areas of responsibility
- Cost removal – taking out costs
- Cost awareness
- Costs of poor design / poor processes
- Value engineering
- Removing redundant costs
- The need for commercial, technical and financial appraisals
- Understand the problems before cash is committed and costs incurred
- Making the effort to identify commercial and technical risk
- The time value of money – DCF techniques for long term projects
- Cost models for production processes and projects
- Costing models – project appraisals
- The use of spreadsheets to identify sensitivity and risk
- How to focus on risk management
- Budgeting – proper budgeting challenges costs
- The philosophy of the business – are costs an issue?
- The importance of having the right culture
- The need for detailed business objectives
- Budgetary control measures
- Designing budget reports – for action
- Zero-based budgeting (ZBB) – the principles
- Much more than starting with a clean sheet of paper
- What ZBB can achieve
- The concept of decision packages – to challenge business methods and costs
- Only necessary costs should be incurred
- A review of an operating budget – demonstrating what ZBB challenges and the costs it may lead to being taken out
- Awareness of overheads and other costs
- Definitions of cost – direct and indirect
- Dealing with overheads – what is meant by allocation, absorption or apportionment?
- The apparent and real problems with overheads
- Different ways of dealing with overheads
- Review of overhead allocation methods and accounting and reporting issues
- Overheads and product costing
- Activity-based costing (ABC) – the principles
- Where and how the ABC approach may be helpful
- Know the ‘true’ cost of a product or a project
- Should you be in business? Will you stay in business?
- Identifying weaknesses in a traditional overhead allocation
- How ABC will help improve product or service costing
- Identifying which products and activities should be developed and which abandoned
- Cost reduction culture
- The need for cost reports
- What measures can be used to identify over-spends as early as possible
- Cost control performance measures and ratios
- Design of cost control reports
- Reports should lead to action and deliver
- Selecting cost control measures which can be acted upon
- Practice in designing action reports
Job roles this course is suitable for:
Finanical Anaylst , Cost Accounting Manager , F&B Cost ControllerAbout Global Development for Training
Introduction:
Training has become of great importance to managers of various organizations and institutions where training is an effective way to increase employee's efficiency at all stages of his work. It develops his abilities, skills and provides him with new information which is an influential factor in the process of upgrading the employee and increases his authorities and responsibilities.
The last two decades have witnessed a major transformation in the training knowledge. It has become Knowledge-based science; it is the only way to progress and development.
The need of Knowledge-based science is now a scale of new wealth. It requires a distinct type of education and lifelong training in acquiring knowledge and updating on an ongoing basis. This was an important reason that led to establishment of Global Development for Training (G.D.T).
Establishment:
Global Development for Training was established in 2012 in UAE - Permit No. 91,288 in Dubai to provide training and consulting services and staff development with the latest training methods in the world and in line with the global market to meet all the strategic requirements of the global markets in an environment based on modern knowledge, through the best human development trainers in the Arab world and the rest of the world, to reach the highest level of quality, creativity and developing clients and participants.
Vision:
To be one of the best training centers in the world which train and qualify the leaders and staff of the Arab World with the latest training methods in the world.
Mission:
We seek to provide strong training base to provide training and consulting services that meet all the strategic requirements for global markets in an environment built on knowledge, and through professionals Instructors in the world. Therefore, we put our goals in order to reach the highest levels of quality and creativity.
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