INTRODUCTION
Effective cost control is crucial for organizations, yet it often presents significant challenges. Costs must be managed without sacrificing safety or the quality of production. This innovative training course on Cost Planning, Control, and Optimization provides delegates with practical tools and techniques that can be immediately applied within their organizations. Additionally, it introduces emerging strategies for future development.

The GLOMACS training course aims to help delegates save money for their employers while maintaining business integrity and quality. Participants will learn to identify and implement cost-saving measures without compromising performance, capability, strategy, delivery, or safety.

 Objectives
By the end of this course, delegates will have a comprehensive understanding of cost control, providing opportunities for immediate and sustainable savings. Participants will be engaged, challenged, and motivated to make a significant impact within their organizations.

Specifically, delegates will be able to:
– Proactively manage costs
– Identify opportunities for cost reduction
– Effectively control expenses
– Optimize the use of cost budgets, plans, and forecasts
– Understand project appraisal and control costs effectively

Training Methodology
The training will combine formal instruction with discussions, case studies, exercises, games, and Excel modeling. This interactive approach ensures that participants not only grasp theoretical concepts but also apply them practically. Delegates will maintain a learning log and action plan to track improvements stemming from the training.

Organaisational Impact
Attending this course will yield several benefits for the organization, including:
– Development of transferable skills that enhance cost planning, leading to increased profits and improved cash flow while minimizing costs and risks
– Better-informed management decisions based on new skills and insights
– Practical case studies that illustrate the application of planning, forecasting, and analysis techniques in real work scenarios
– Enhanced collaboration across departments to foster a robust financial culture
– Strategic thinking that links costing, budgets, and financial plans
– Improved forecasting techniques and identification of optimal capital structures

Personal Impact
Participants will:
– Gain insights into current challenges in cost planning and control
– Enhance professional skills in analysis, evaluation, and decision-making
– Make informed planning, budgeting, and cost reduction decisions
– Improve their finance and capital budgeting strategies, increasing their value to the organization
– Apply techniques like Absorption Costing, Marginal Costing, and Activity-Based Costing (ABC)
– Utilize discounted cash flow methods for capital project investment appraisal and budgeting
– Identify opportunities to enhance the financial performance of their companies, contributing to personal career growth

WHO SHOULD ATTEND?
This training course is ideal for professionals responsible for managing costs within their departments or projects, particularly those involved in cost analysis to support decision-making. It will benefit:

– Finance Managers
– Budget Holders
– Project Managers
– Professional Engineers
– Support staff for the aforementioned roles

 Course Outline

 DAY 1: Cost, Profit, Risk, and Cash
– Understanding costs and profit
– Objectives: Balancing short-term vs. long-term profit
– Strategic cost management
– Cost vs. value dynamics
– Cash management versus profit management
– Introduction to risk in cost management

 DAY 2: Costs & Costing
– Understanding and managing costs
– Value-based cost management strategies
– Planning for cost reduction and profit improvement
– Fixed and variable costs analysis
– Break-even analysis and contribution margin
– Costing approaches: Full absorption, marginal, and ABC
– Innovations in cost management: Lean principles and big data

 DAY 3: Planning and Forecasting Costs/Risk
– Operating expenses (OPEX) planning techniques
– Value engineering in OPEX
– General and administrative (G&A) cost planning
– Forecasting tools and techniques
– Cost modeling and risk assessment
– Long-term OPEX forecasting and performance monitoring

DAY 4: Investment Appraisal and Capital Budgeting
– Building cash flow models for decision-making
– CAPEX planning systems
– Evaluating the efficiency of CAPEX projects
– Time-adjusted financial measures: NPV and IRR
– Sensitivity and scenario analysis
– Flexibility in capital budgeting under changing circumstances

 DAY 5: Budgets and Cost Control
– The budgeting process and its importance
– Annual budgeting procedures
– Identifying and resolving budgeting variances
– Overview of various budgeting systems
– Budgeting tips and techniques
– Variance analysis and concepts beyond traditional budgeting methods