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Successful companies in the innovation economy use their strategy as a guide to every decision. Setting standard costs and developing budgets are ways that companies implement these key strategies.
In this course, you learn how to develop better standard costs and budgets. You also learn how to evaluate performance to take corrective action, ensuring that your results are in line with your strategy and plans.
Learning Objectives
- Describe certain types of budgets and how they are used in organizations.
- Summarize how companies use standard costing to track and create more accurate product costing information needed to make better decisions.
- Describe how to calculate variances and the types of budget variances (favorable and unfavorable) and their impact on operations.
- Determine how to review direct labor and direct materials variances, how they are calculated and what they mean.
- Discover a methodology for interpreting budget variances
Last updated/reviewed: October 13, 2018
12 Reviews (30 ratings)Reviews
Anonymous
(Not Provided)
Good overview starting with the types of budgets, the setting and purpose of standard cost, the examples and use of variance, and closing with performance evaluation and action plan. It will be more helpful to include the discussion of OH variance.
Anonymous
(General Accounting Manager)
The content was very good and presented in an easily understandable manner, however the instructor seemed to have some difficulty in speaking
Anonymous
(Independent Financial Consultant)
Great refresher course on cost/managerial accounting. I liked the hands on exercises.
Pablo Dobes
(Analista Sr. de Costos at VF Jeanswear)
This course help me to know how important is the Budget.
Jim Ahern
( at AFM)
good overview of budgets, standard costs and variances
Anonymous
(Consultant)
The course was more basic than I expected.
Anonymous
(None)
Good examples integrated with concepts.
Ara Toroyan
(Director - Financial Planning & Proc.. at NCCI Holdings, Inc.)
Pretty good for a fundamental course.
Anonymous
(Sr. Director, FP&A)
A nice refresher but nothing new.
Matt Osmundsen
(Director of Financial Planning at Baldwin Technology Company, Inc.)
Great course! Very informative.
Anonymous
(VP, Finance)
great refresher for the basics
Anonymous
(Not Provided)
None
Prerequisites
Course Complexity: Foundational
No advanced preparation or prerequisites are required for this course.
Education Provider Information
Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .