Introduction
This GLOMACS Estimating, Budgeting, Cost Planning, Control & Optimization training course equips participants with the cost awareness, estimating discipline and budgetary skills needed to manage resources effectively in an increasingly competitive global environment. Budgeting, estimating and disciplined cost control are essential activities that organizations must master to protect profitability without compromising safety, quality or performance. This training course links strategy execution with accurate resource allocation, cost estimating and performance measurement, enabling participants to move confidently from traditional budgeting approaches toward more dynamic, forward-looking planning and control practices.
Combining proven estimating and budgeting fundamentals with advanced cost planning, control and optimization techniques, this training course gives participants practical tools they can apply immediately in their organization. Delegates will explore traditional and contemporary costing methods, capital investment appraisal, forecasting techniques and modern performance measurement frameworks such as the Balanced Scorecard. Through case studies, worked examples and interactive exercises, participants will learn how to identify and deliver sustainable cost savings while making better-informed financial decisions that strengthen their organization's competitive position.
This training course will highlight:
- The link between strategy, estimating, budgeting and cost management
- Traditional and advanced costing techniques, including Activity-Based Costing
- Practical approaches to planning, forecasting and controlling costs
- Capital investment appraisal and capital budgeting decision tools
- Modern performance measurement systems, including the Balanced Scorecard
Objectives
At the end of this training course, you will learn to:
- Link estimating, budgeting and costing to strategy
- Apply traditional and modern costing techniques
- Build, monitor and control operational budgets
- Evaluate capital investment projects and appraisal methods
- Design comprehensive performance measurement systems
Training Methodology
This training course is conducted along interactive workshop principles, combining formal trainer-led input with case studies, group discussions, practical exercises, games, videos and Excel-based models. Relevant case studies illustrate the application of each estimating, budgeting and cost-control tool within a real operating environment. Delegates are encouraged to maintain a learning log and action plan so improvements from the training can be tracked and applied back at work.
Organisational Impact
The Organisation will have the following benefits:
- Enhanced cost, estimating and budgeting awareness across teams
- Stronger ability to design an effective budgetary system
- Broadened knowledge of performance management techniques
- Closer links between costing, budgeting and strategic plans
- Improved capital investment appraisal and capital budgeting decisions
- Greater cross-departmental sharing of financial planning knowledge
Personal Impact
At the end of this training course, the participants will gain the following:
- Understanding of budgeting methods most useful to them
- Ability to construct a relevant, efficient budget
- Skills to apply traditional and advanced costing techniques
- Confidence to evaluate capital projects and investment appraisals
- Stronger links between financial and operational decision-making
- Enhanced career development through improved analytical and planning skills
Who should Attend?
This training course is designed for professionals responsible for estimating, budgeting, cost planning or cost control within their organization. It is equally valuable for those seeking to strengthen their financial decision-making and analytical capabilities.
This training course is suitable to a wide range of professionals but will greatly benefit:
- Finance Managers, Budget Holders and Project Managers
- Professional Engineers and technical staff with cost responsibility
- Financial, Accounting, Sales and Marketing Professionals
- Staff responsible for entering or managing budget data
- Anyone seeking to advance their budgeting, estimating and costing knowledge
Strategic Foundations: Linking Strategy, Estimating and Budgeting
- The link between strategy, planning, budgeting and cost management
- Why budgeting, estimating and costing matter to your organization
- Objectives, mission, vision and profit-now vs. profit-later thinking
- Cost vs. value and value-focused approaches to profit drivers
- Financial vs. managerial accounting for decision-making
- Costs and cash: managing capital vs. revenue cost
- Introduction to cost and risk
- Discussion: key budgeting/costing issues in your own organization
Cost Concepts, Behaviour and Costing Techniques
- Cost concepts, terminology and different costs for different purposes
- Fixed vs. variable costs and the Cost-Volume-Profit model
- Break-even analysis and contribution margin analysis
- Manufacturing vs. non-manufacturing, period vs. product costs
- Costing approaches: full absorption, marginal and Activity-Based Costing
- Under-costing and over-costing: consequences for profitability
- New ideas in cost management: lean principles and big data
- Case study and discussion
Budgeting Frameworks, Planning and Forecasting
- The role and value of budgeting within management accounting
- Key concepts, terminology and behavioral implications of budgeting
- The annual budgeting process and different budgeting systems in use
- OPEX planning approaches and G&A cost planning and valuation
- Forecasting tools and techniques for cost and profit
- Identifying and resolving budgeting variances
- Budgeting tips, techniques and an introduction to beyond budgeting
- Case discussion and examples
Advanced Cost Control and Optimization
- Activity-Based Budgeting (ABB) and Activity-Based Management (ABM)
- Indirect vs. direct costs and refining a costing system
- Cost drivers: linking resources, activities and management
- Value engineering approaches applied to costs and incentives
- Proactively identifying and delivering sustainable cost savings
- Introduction to risk and modelling costs, profit and risk
- Case study analysis, examples and videos
Capital Budgeting, Investment Appraisal and Performance Measurement
- Building cash-flow models for investment decision-making
- CAPEX planning, appraisal factors and the annual investment program
- Time value of money, Net Present Value (NPV) and Internal Rate of Return (IRR)
- Sensitivity analysis, scenario analysis and Monte Carlo simulation
- Shortcomings of traditional performance measurement approaches
- Recent best practices: the Balanced Scorecard and Six Sigma
- Financial, customer, internal process and learning & growth perspectives
- Video, case study illustration and discussion
- Upon successful completion of this training course, GLOMACS Certificate will be awarded to the delegates. Continuing Professional Education credits (CPE): In accordance with the standards of the National Registry of CPE Sponsors, one CPE credit is granted per 50 minutes of attendance
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