Working with costs and budgets

Duration of Course - 1 Day

Unit Aims

To develop knowledge and understanding of costs and budgets as required by a practising or potential manager.

Learning Outcomes

• Know how to work to a budget
• Understand costs within an organisation

Course Outline

• The nature and purpose of budgets, and the advantages of budgetary control 
•  Methods to monitor variance of actual performance against budget
• Causes of variance, their significance and ways of reducing adverse effects
• How to gather information for use in determining and/or revising budgets
• Definition of fixed and variable costs; concept of break even, especially in relation to own organisation
• The purpose and nature of basic cost statements; use of standard costs
• Role of the manager in cost control
• Mechanisms to maintain control of costs, and how to select the optimum method