Cost Planning, Control & Optimization

Introduction

Cost control is important and yet presents certain challenges. Costs must be managed without compromising either safety or production quality. This innovative Cost Planning, Control & Optimization training course presents the delegates with practical tools and techniques which can easily be applied immediately within their company and work. It also introduces to the delegates the emerging tools and techniques to develop for the future.

This GLOMACS Cost Planning, Control & Optimization training course will help the delegates to save their employers money without damaging the business or sacrificing the quality. This training course will feature practical, engaging and innovative new techniques from different organisations. This training course will also help the delegates to identify and deliver savings without affecting the performance, capability, strategy, delivery or safety.

Objectives

As a result of this training course, delegates will gain better understanding cost control and it will provide opportunities for immediate savings and long term sustainable saving for the organisations. Delegates will be engaged, challenged and motivated to make a significant difference within their organizations.

By the end of this Cost Planning, Control & Optimization training course, participants will be able to:

• Proactively manage costs
• Seek opportunities for cost reduction
• Effectively control costs
• Make better use of cost budgets, plans and forecasts
• Understand project appraisal
• Control costs with projects

Training Methodology

Formal trainer led input will be mixed with discussion, case studies, exercises, games and videos and excel models. This GLOMACS Cost Planning, Control & Optimization training course will be interactive, engaging and most importantly practical. Delegates will be encouraged to create a learning log and action plan so that improvements resulting from this training can be tracked.

Organisational Impact

By attending this Cost Planning, Control & Optimization training course, participants will provide benefits for their organization through the following:

• Participants will develop a set of transferable skills which will improve their powers of cost planning helping the company to increase profit, improve cash flow whilst minimizing costs and risk
• The new skills will help them to make more informed and hence better management decisions
• The use of practical case studies and illustrations of real companies will help delegates understand how to apply different planning, forecasting and analysis techniques in a work situation
• The knowledge gained can be shared amongst other departments of the company to improve the financial culture of the entire organisation
• Strategic Thinking and Appreciation of the links between costing, budgets and Strategic Financial Plans
• Application of Effective Forecasting Techniques
• Identification of the most appropriate Financing and Optimal Capital Structures
• Development of Modern Approaches to Costing, Planning, Budgeting and Budgetary control
• Capital Investment appraisal, Cash Forecasting and Budgeting

Personal Impact

As a delegate, you will:

• Develop an understanding of today’s major issues in cost planning and control
• Develop your professional skills, powers of analysis, evaluation and decision-making
• Be able to make more informed and hence better planning, budgeting and cost reduction techniques
• Make improved finance and capital budgeting decisions, which will increase your importance to your organization
• Absorption Costing, Marginal Costing and Cost-Volume-Profit (CVP) Analysis, Activity Based Costing (ABC), and Activity Based Management (ABM)
• Application of Discounted Cash Flow (DCF) techniques of Net Present Value (NPV), Internal Rate of Return (IRR), Modified Internal Rate of Return (MIRR), Equivalent Annual Cost (EAC), and the Profitability Index (PI) for Capital Project Investment Appraisal and Capital Budgeting
• Be able to identify areas in which they may be able to contribute to improvements in the financial performance of your company which will help improve your career development