Understanding Costs and Budgets In An Organisation

This course aim to develop knowledge and understanding of costs and budgets in an organisation as required by a practising or potential first line manager.

Overview

Duration

Typically 4 to 10+ hours of Online or Classroom Based Training.

The module delivery is tailored to suit the companies needs.

Location

Online via Microsoft Teams/Zoom

location of participating company's

choosing.

Prior Knowledge

While no prior knowledge is required, the course is aimed at those who are currently working and who are managers or aspiring managers.

Certification

ILM (Institute of Leadership and Management) Certificate

Cost

This course is fully funded to those currently in employment under the Skills To Advance initiative.

Skills to Advance Initiative

This course is only available to those currently in employment and fully funded under the Skills to Advance initiative.

Skills to Advance is a national initiative that provides upskilling and reskilling opportunities to employees in jobs undergoing change and to those currently employed in vulnerable sectors. Skills to Advance aims to equip employees with the skills they need to progress in their current role or to adapt to the changing job market. Working closely with small and medium-sized enterprises, Skills to Advance helps employers identify skills needs and invest in their workforce by providing subsidised education and training to staff.

Expression of Interest

We currently don't have this course scheduled, but if you are interested in undertaking this course, please complete the form below and a member of our Recruitment Team will be in contact to discuss your needs. Please note this course is only for those currently in employment.

Institute of Leadership & Management

Managers

1/12

Module Content

Understand budgets within an organisation

Explain the importance of agreeing to a budget and operating within it
Describe the process by which a budget is agreed in an organisation
Explain the process of gathering information to be used for the determination and/or revision of budgets
Describe a method to monitor variance between actual and budgeted performance

Understand costs within an organisation

Explain fixed and variable costs in relation to the organisation
Explain the concept of break even in relation to the organisation
Explain the purpose and nature of basic cost statements
Explain the value of standard costing and its role as a control mechanism
Describe mechanisms in the organisation to maintain control of costs

Indicative Content

Part 1:

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

Part 2:

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

Suite of ILM Programmes on offer by KWETB

Companies That Have Benefited From Training