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TO: ALL MEMBERS OF THE MANUFACTURERS ASSOCIATION OF NIGERIA
Dear Sir/Madam,
INVITATION TO PARTICIPATE IN MAN/IFC PRIVATE ENTERPRISE PARTNERSHIP FOR AFRICA TRAINING WORKSHOP ON EFFECTIVE BUDGETING & OPERATIONAL COST CONTROL. (July 12-13,2007)
It is not unusual for many businesses to question why some companies are doing very well in spite of the chaos and the harsh operating environment businesses face in Nigeria. To a large extent, the answer lies in the application of best practices and the deployment of modern management tools to control all forms of expenditure in the operations of successful businesses.
The successful businesses are able to wade through the turbulence and storms in Nigeria's peculiar harsh environment because they have in place very effective and efficient financial management system. The budgeting and operational cost control employed therefore enhance greater efficiency in internal decision-making process and resultant higher profitability.
In fact, in the present dynamic and highly competitive business environment, the establishment of appropriate budget and cost control infrastructure is a sine qua non for corporate success. It is therefore imperative that for businesses to achieve corporate success, the capacity of the managers responsible for accounting and financial management functions must regularly be strengthened.
In order to assist businesses to fill the knowledge gap identified in the expected contribution of accounting to the bottom line, the Manufacturers Association of Nigeria in cooperation with the International Finance Corporation Private Enterprise Partnership for Africa (IFC-PEP Africa) has put together a team of experts to facilitate a two-day workshop on BUDGETING AND OPERATIONAL COST CONTROL from July 12 - 13, 2007, at Industrial Training Fund (ITF), Km 12/13, Abakaliki Expressway, Emene Industrial Layout, Enugu State.
The Organizers
THE MANUFACTURERS ASSOCIATION OF NIGERIA (MAN) is the umbrella body and the voice of manufacturers in Nigeria. The membership of MAN is over 2000 companies engaged in 74 different sub-sectors of the manufacturing industry in Nigeria. MAN is the foremost manufacturing industry-specific capacity building membership Association offering cutting-edge training courses in Nigeria.
THE INTERNATIONAL FINANCE CORPORATION (IFC), a member of the World Bank Group, is an international organization whose mission is to promote sustainable private sector investment in developing countries, helping to reduce poverty and improve people's lives. IFC supports private sector development both by investing and by providing advisory services that build businesses. The IFC Private Enterprise Partnership for Africa (IFC PEP Africa),a donor funded facility, was established with donors, governments and the private sector to design and deliver technical assistance programs and advisory services that:
- Improve the investment climate
- Mobilize private sector investment
- Enhance the competitiveness of small-and medium-sized businesses.
SME Entrepreneurship Development Initiative ("SME EDI"), a program of IFC PEP AFRICA delivers capacity building products and services to Small and Medium Enterprises ("SME"s), namely:
- Assistance to enable SMEs to access finance from Financial Institutions.
- Enterprise Support Service that address weaknesses in enterprises in such areas as Organization, Management and Operations systems design and improvement.
- Skills Development products that build the capacity of entrepreneurs and enterprises through training programmes.
COURSE OBJECTIVES
The course helps participants to understand the main concepts and methodology around cost management and budgeting. The main topics covered are cost accounting fundamentals and process costing; cost-volume profit analysis, budgeting and control; inventory costing and information for management control and cost analysis.
BENEFITS OF ATTENDING
You will be able to:
- Apply the essential concepts of accounting, budgets and finance
- Apply the use of unit cost measurement in performance-based budgeting and maintain strategic cost control
- Appreciate the importance of reducing unnecessary costs and working towards enhanced corporate efficiency
- Identify appropriate outputs for an organizational unit or programme component; determine and apply the cost estimated to produce those outputs and calculate a cost per unit of output.
- Use best practices to create written budget justifications; locate guidance on budgeting for capital assets and integrate performance budgeting into your organization's budget formulation process.
COURSE OUTLINE
- Cost items reported on the income statement
- Costs incurred for current operation but not included in cost of goods sold; components of cost, prime cost, conversion cost, overhead cost, sunk cost, discretionary cost, carrying cost, opportunity cost and characteristics that differentiate cost control.
- Cost Measurement concepts
- Absorption and variable costing
- Impact of Just In Time (JIT) inventory methods
- Basic framework of budgeting
- Preparing the master budget
- Just In Time (JIT) purchasing
- Other budgeting techniques
- Applying the PART in your budget and resource allocation
- Types of performance measures and those preferred by OMB
- Aligning performance goals with budget account structure.
WHO SHOULD ATTEND
Managers responsible for Accounting and Financial functions; Projects and Contracts; Procurement; Planning; Marketing; Production; Stores and Inventory. Managers who control cost and budgeting for their departments or organizations will also find this workshop beneficial.
TRAINING METHODOLOGY:
The course will seek to achieve its objectives through the use of a blend of experiential and participative training methods and techniques.
Date: July 12 -13, 2007
Time: 9.00am - 5.00pm
Venue: Industrial Training Fund (ITF),
Km 12/13, Abakaliki Expressway,
Emene Industrial Layout, Enugu State
COURSE FEE:
The course fee of N=15,000 per participant, is subsidized by IFC as support to capacity building for SMEs. The amount is payable by cheque to the following account name: "Manufacturers Association of Nigeria"
The course fee covers tuition, course material, certificate, folder, tea/coffee, lunch and group photograph.
Kindly confirm your participation by completing the attached Nomination Form and return along with the payment to: The Director-General, Manufacturers Association of Nigeria MAN), 77, Obafemi Awolowo Way, Ikeja, Lagos on or beforeJune 28, 2007.
For enquires call:
MAN, c/o Ego: 08023011380, 01- 4974245, 4974241 Fax: 4974247
E-mail: caroego@yahoo.co.uk
IFC PEP Africa, c/o Lydia: 08036440124, 01-2626455-64 Fax: 2626465-66.
E-mail: waribo@ifc.org
E-mail: man@manufacturersnigeria.org
We look forward to your participation.
Yours faithfully
Jide A. Mike
Director-General
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