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Effective Cost Management and Budgeting

Are you facing issues with cost management like cost overruns in your organisation? Do you find budgeting too complicated to understand? Do you know that cost management is closely related to budgeting?

Resource planning in a company cannot progress without a proper cost management and budgeting approach. There are good practices that managers and executives can follow to bring about significant improvements in expenditure control. With a proper measuring and tracking system, you can make quality decisions which will bring about improvement in resource management.

Objective

By the end of the workshop, you will be able to:
1. Understand the importance of cost management and budgeting
2. Identify and apply the right costing methods to control business costs and boost your company’s profit
3. Apply the good practices for effective budgeting

Outline

1. Understand the importance of cost management and budgeting

• Basic Costing Concepts
  • What is Cost Management?
  • Why is Cost Management Important?
  • Key Costing Terms and Concepts
  • Types of Costs

• Basic Budgeting Concepts
  • What is Budgeting?
  • Why is Budgeting Important?
  • Budget Process

2. Identify and apply the useful analysis tools to control business costs and boost your company’s profit

• Marginal Costing
• Absorption Costing
• Activity-based Costing
• Cost Volume Profit (Break-even) Analysis

3. Apply the good practices for effective budgeting

• Principles of Effective Budgeting
• Useful Tools and Skills for Budgeting

Who should attend

Directors, Managers, Finance professionals and anyone who wants to better manage internal resources through the right cost management and budgeting approach

Methodology

1. Lecture
2. Case studies
3. Group discussion and group presentation
4. Video clips
5. Reflection

Testimonials

Profile of Koh Gim Liong

Trainer & Consultant
CA (Singapore), CFA Chartholder
Associate Adult Educator (Institute of Adult Learning)
Member, CFA Society Singapore


Koh Gim Liong has worked in the civil service and private sector for more than 10 years before his career switch to training. His experience is diversified and covers training, financial advisory, project management, ERP implementation, business process re-engineering, auditing, financial and operations management.

He began his career as an auditor in an international accounting firm before joining the public sector as an accountant in the Accountant-General’s Department, Ministry of Finance. Subsequently, he was posted to the Singapore Police Force and put in charge of the finance operations and implementation of key financial initiatives. At the Ministry of Education, he was managing the budget and evaluating budget proposals. Gim Liong also worked in a listed financial institution where he led the team responsible for accounting (covering operations, acquisitions and investment products).

In the area of training, Gim Liong has facilitated more than 1,000 workshops with learners from more than 10 countries Over the past 18 years, he has been sharing his knowledge and experience in areas like financial advisory, accounting, investing, budgeting, procurement, outsourcing as well as the governance and policy-related framework in the Singapore public sector. He has extensive experience in managing learners with diverse cultures and backgrounds, given his interactions with participants from countries in ASEAN, Middle East, India, Pakistan, Russia, China, Bhutan, etc. Outside Singapore, he has conducted programmes in Cambodia, Laos, Myanmar, Vietnam, Nauru, Palestine, Jordan and Qatar. On professional courses, he has taught CFA Level 1 Preparatory Programme and Financial Accounting (both English and Mandarin) and Management Accounting. With deep experience in the curation and development of blended courses (e-Learning with classroom/virtual training), he has contributed to the development of several new milestone programmes for public officers and also partnered with an established training service provider on the successful rollout of a Singapore Workforce Skills Qualifications (WSQ) programme on budgeting.

Gim Liong graduated with a Bachelor’s degree in Accountancy (Hons) (Nanyang Technological University). He is a Chartered Accountant of Singapore and Chartered Financial Analyst (CFA) holder. His passion for learning has also led to him obtaining certificates in insurance and investments (awarded by the Singapore College of Insurance), Advanced Certificate in Training and Assessment (Facilitated Learning) (ACTA), Enneagram and Neuro Linguistic Programming. In recognition of his significant experience and contribution in training delivery, Gim Liong has received the Associate Excellence Award from Civil Service College in 2018 and 2022 and is currently an Associate Adult Educator (Institute of Adult Learning).