Introduction

This five-day training program, designed by Global Horizon Training Center, equips participants with practical and analytical tools to analyze, monitor, and control costs in various business contexts. Understanding the dynamics of cost structures is essential for efficient decision-making, especially in today's competitive business environment. This course introduces modern techniques in cost management, variance analysis, cost behavior, and cost reduction strategies, enabling participants to enhance financial performance, improve budgeting accuracy, and reduce inefficiencies.

Objectives

By the end of this training, participants will be able to:

• Understand the principles and components of cost analysis.

• Identify, classify, and allocate costs effectively.

• Monitor actual versus budgeted costs and analyze variances.

• Apply cost control techniques to improve financial performance.

• Support decision-making through accurate cost data and analysis.

Organizational Impact

• Improved cost-efficiency and profitability.

• Enhanced ability to detect and manage financial variances.

• Stronger alignment between budgeting and actual performance.

• More accurate project costing and financial planning.

• Empowered staff with stronger financial control tools.

Target Audience

• Cost Analysts and Financial Controllers

• Accountants and Budgeting Officers

• Project Managers and Operations Supervisors

• Procurement and Supply Chain Professionals

• Anyone involved in financial planning or cost management

Training Program Outline

Day 1: Fundamentals of Cost Analysis

• Understanding cost concepts: fixed, variable, direct, indirect

• Objectives and importance of cost analysis

• Cost classification methods

• Introduction to cost behavior and cost-volume-profit analysis

• Cost centers and responsibility accounting

Day 2: Cost Allocation and Budgeting

• Cost allocation methods (absorption vs. activity-based costing)

• Internal cost transfers and overhead distribution

• Budgeting processes and types of budgets

• Role of cost analysis in budgeting

• Preparing cost budgets and forecasting techniques

Day 3: Cost Monitoring and Variance Analysis

• Monitoring actual costs against budgeted costs

• Identifying and analyzing variances

• Labor, material, and overhead variances

• Causes of variances and corrective actions

• Practical tools for tracking cost performance

Day 4: Cost Control Strategies

• Principles of cost control

• Establishing cost standards and benchmarks

• Techniques to reduce and control costs

• Lean management and waste elimination

• Case study: Implementing a cost control system

Day 5: Cost-Based Decision Making

• Using cost information for strategic decisions

• Make-or-buy decisions and cost-benefit analysis

• Break-even analysis and marginal costing

• Lifecycle costing and target costing

• Final workshop: Developing a cost analysis and control plan