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Cost Center Management

Price
765 USD
1 Day
ITMG-109
Classroom Training, Online Training
Other

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  • Date: 9-Aug-2024
    Time: 9AM - 5PM US Eastern
    Location: Virtual
    Language: English
    Delivered by: LearnQuest
    Price: 765 USD
  • Date: 4-Oct-2024
    Time: 9AM - 5PM US Eastern
    Location: Virtual
    Language: English
    Delivered by: LearnQuest
    Price: 765 USD
  • Date: 24-Jan-2025
    Time: 9AM - 5PM US Eastern
    Location: Virtual
    Language: English
    Delivered by: LearnQuest
    Price: 765 USD
  • Date: 21-Mar-2025
    Time: 9AM - 5PM US Eastern
    Location: Virtual
    Language: English
    Delivered by: LearnQuest
    Price: 765 USD
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Course Description

Overview

The Cost Center Management course is designed to provide students with an introduction to the budgeting process. It is ideal for new managers that do not have a budgeting background, seasoned managers that have not had cost center responsibility, and/or anyone who does not have experience in corporate budgeting practices.
This class takes a very narrow view of budgeting. It specifically concentrates on the issues, responsibilities, and activities of cost center managers. That is, as a manager responsible for department expenses.
 

Objectives


 

Audience

  • IT Managers
  • New IT Managers
  • Soon to be IT Managers

Prerequisites


     

Topics

  • Importance of Budgeting
    • Importance to your company, manager and peers
    • Importance to you
    • Your relationship with the Finance Department
  • Components of Your Budget
    • Budget items where you have no control, some control and full control
    • Current year expenses vs. capitalized expenses
    • Tools used in the budgeting process
  • Budget Process
    • Budget Timing
    • Techniques for forecasting the following year’s expenses
    • Budget vs. actual reporting throughout the year
    • Initial budgets, approved budgets, revised forecasts, revised budgets, and budget reporting
  • Food for thought (A wide range of potential scenarios including those listed below)
    • Your manger says company revenues are down, do you offer to cut your group’s budget?
    • When building next year's budget, how do you plan for unforeseen expenses?
    • You're 6 months into the year and realized your budget won't reach year end. What next?
  • Review questions
    • Quiz-type questions to help you assess your understanding of the material
  • 2023 Top 20 Training Industry Company - IT Training

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