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Understanding Costs and Budgets in an Organisation

Leadership & Management >

 

ILM Understanding Costs and Budgets in an Organisation Course 8600-324

1 Day Instructor Led Course - 7 Contact Hours

 

 

Upcoming Schedules for ILM Working with Costs & Budgets :view all Leadership schedules
Dubai 26/Nov/2017 TBA TBA Enquire Now

 

Center Benefits - Institute of Leadership & Management Courses :

• ILM Approved Centre

• ILM Validated Courseware

• ILM Approved Trainers

• ILM Certificate upon passing assessments (ILM fees apply)

• UAE Ministry of Education Accredited Institute

• Certificate of Achievement (Ministry Attestation - fees apply) for full tracks only

• Corporate Venue: Onsite or at SitesPower

 

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Course Objectives

When you have completed this workbook you will be better able to:
- identify different costs and how they behave
- appreciate how important it is to control costs
- understand how standard costing techniques help to control costs
- use different methods for controlling and reducing costs
- understand what a budget is and how they are used
- help to draw up workable budgets
- use some budgetary control techniques

 

Assessment Criteria

Know how to work to a budget
1.1 Explain the importance of agreeing to a budget and operating within it
1.2 Describe a method to monitor variance between actual performance and budget
1.3 Explain how information used in determining and/or revising budgets is gathered

Understand costs within an organization
1.1 Explain fixed and variable costs; and the concept of break even in relation to the organization
1.2 Explain the purpose and nature of basic cost statements
1.3 Explain the value of standard costing and its role as a control mechanism
1.4 Briefly describe mechanisms in the organization to maintain control of costs

International Curriculum

Unit 3.27 - Official ILM Curriculum, Institute of Leadership & Management

 

Course Outline


SECTION 1 BUDGETING
1. An Introduction to budgeting

2. Objectives of budgeting

3. The budget cycle

4. Constructing a budget

5. Negotiating a budget

6. Incremental budgeting

7. Zero based budgeting

8. Budgetary control

9. Budget preparation

10. Variance analysis

11. Performance management


SECTION 2 COST BEHAVIOUR AND CONTROL

1. An Introduction to cost control

2. Cost classification

3. Cost elements

4. Direct and indirect costs

5. Fixed and variable costs

6. Break-even analysis

7. Overhead costs

8. Cost centres

9. Profit centres

10 Standard costing

11. Cost control mechanisms

 

APPENDIX

Assignment

Marksheet