Cost Evaluation and Budgeting (PIM, Lahore)

April 29 – 30, 2019

Venue: PIM, Lahore.

COURSE DESCRIPTION

The cut throat competition and regulatory requirements has placed business organization in an environment of extreme profit squeeze. In this situation, controlling costs associated to production, distribution, and managing the business process assumes significant importance. This course offers an opportunity for decision makers to improve their skills in managing and controlling their organization for greater growth and better profitability. It aims in (1) developing an understanding of the nature and pattern of business costs and their behavior, (2) based on this analysis developing an understanding of cost control through budgetary and standard costing methods.

COURSE CONTENTS

• Understanding various kinds of cost: this includes nature and behavior of different kinds of costs.
• Role of budgeting in management: this discusses the overall use of budgeting techniques for management purposes.
• Preparation of master budget: this includes preparation of sales budget, procurement budget, production budget, stock budget, cash budget, flexible budget, etc.
• Evaluation and control of prime costs: this involves discussion on material and labor costs, their composition, analysis and control.
• Analysis and control of Factory Overhead cost: this includes its analysis and relationship with volume.
• Breakeven point analysis: this discusses the significance and application of BEP in budgeting for better cost control.
• Capital budgeting: this involves the calculation and application of various tools used in capital budgeting process.

LEARNING OUTCOMES

• Understand various kinds of cost
• Role of budgeting in management
• Preparation of master budget
• Evaluate and control prime costs
• Analyze and control of Factory Overhead cost
• Analyze breakeven point
• Make Capital budgets