Course Description

Costing is one of the most important and fundamental knowledge areas in any business.  The ultimate objective of any business is supposed to be profit and certainly profit is a function of cost.  The success of a business does not solely depend on its revenue but also more importantly on how a business manages its costs. Cost Management is one of the most effective and essential tools for planning and monitoring organizational activities, as well as supporting future strategic decisions. At the end of this course participant will learn that it is essential to manage costs effectively in the Oil Refinery sector in order to preserve profits, sustainability and market share.

Course Objectives:

At the end course, delegates will be able to:

• Determine the Costs associated with your department/company
• Assess and Manage Costs/Price Volatility
• Use the very latest Costing Methods
• Analyse Cost & Price Volatility to enable better decisions
• Control Costs effectively

Course Outline:

• The Essentials of Cost & Price Management in the Oil Refinery Sector
• Best practice costing methods
• Job order, process costing & activity-based costing methods
• Cost and value analysis
• Cost control
• Monitoring of expenditure
• Variance analysis and reporting
• Cost classification & cost behaviour
• Controlling fixed & variable costs
• Reducing fixed costs
• Cost-Volume-Profit analysis
• Inventory control to reduce costs
• Incentives to reduce costs
• Hedging techniques to control costs & prices
• Forwards, futures, options & swaps
• Defining risk management and identifying costs/risks to hedge (Reduce or Eliminate)
• Determining the hedging strategy
• Implementing a risk management strategy
• Hedging price volatility
• Achieving efficiency of time & quality within budget
• Statistical estimates of activity duration & costs
• Critical path analysis
• Manpower & resource planning and management
• Earned value management
• Managing project risks in a cost-effective manner

Who Should Attend?

• Professionals responsible for Costs – Managing, Monitoring & Controlling
• Those whose role requires an understanding of the latest Costing Techniques
• Anyone with Planning Responsibility
• Advisors, Accountants and Business Consultants
• Professionals seeking a better understanding of the Costs & Prices within your organization

Delivery method: This will include combine lectures, discussions, group exercises and illustrations. Participants will also understand the theoretical and practical knowledge of the topic.

Venue:  

Fee:  

Duration: 1 week

Course Date: August 14th –  18th, 2023