Poslovni kalendar

12.3.2009. - 14.3.2009.

Rovinj

We are pleased to invite you to Dubrovnik Lectures in Banking and Finance (DBF), the first world-class executive education program in banking and finance in New Europe. Operating since 2007, DBF brings together some of the worlds leading lecturers with select groups of participants from across the Europe, in order to partake in a unique educational experience.

Web: www.seccf.org/continuing_education/course/dbf-cost-and-revenue-management-in-a-globalizing-economy

In times of crisis, optimal management of firm resources is of paramount importance. This course provides in-depth understanding of important strategic issues related to cost and revenue management in a globalizing economy. What are key global business trends impacting your firm today? How are different sectors (finance, real estate, manufacturing, trade, tourism, real estate, etc) impacted by globalization and the unfolding financial crisis? How to, given the circumstances, manage costs and revenues in a way that maximizes firm value? What are opportunities and risks facing firms in a globalizing economy? What are opportunities and risks related to off-shoring and outsourcing? These and many other other important stratetic issues will be discussed by one of the leading international experts on globalization, outsourcing, and cost management.

The course consists of a combination of classroom training, practical case studies and group exercises. Participants should bring their own laptops with Excel software.

Lecturers: Dr. Ashok Bardhan, Haas School of Business, and Julian Roche, Redcliffe Assocates, London.

Course Objectives
• To enable participants to develop a detailed understanding of the concepts of management finance, budgeting, and investment analysis – and how these affect shareholder value.
• To improve the participants’ skills in cost analysis, budgeting and financial analysis techniques and how and when to use them.
• To create an awareness of how to make decisions, minimise costs and maximise profits in the modern shareholder-value driven company
• To gain thorough understanding of key global trends and analyze strategic options facing firms in times of global crisis

Expected Outcomes
By attending the course, participants will:
• Work through the principles and practice of company budgeting and project analysis
• Appreciate the different methods of cost and benefit appraisal for companies
• Learn how to estimate cost of capital and make capital budgeting decisions
• Develop a comprehensive understanding of how companies are valued and how a company’s value can be improved in the context of cost analysis and budgeting
• Be able to analyze key global business trends that impact their firms
• Learn to evaluate and analyze various options to restructure firm organization and firm strategy
• Be able to adopt offshoring as an effective management tool
• Deploy case study method as a valuable analytical tool
• Command tools to adopt appropriate mix of cost and revenue management, taking into account issues relating to currency management, IP issues, personnel deployment etc.
• Analyze the world as a dynamic, organic, interconnected economic mechanism and approach the task of management in a flexible manner.

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DAY 1

Accounts
Defining revenue, cost of sales, and gross and net profit
The balance sheet, cash flow and income statements
Leases, depreciation and assets
Financial ratios
Working capital
Managing cash flows (invoice discounting, factoring and other techniques)
GAAP and IFRS – international accounting standards

Cost analysis
Fixed and variable costs
Classifying fixed and variable costs to aid in decision making
Typical cost structures
FIFO, LIFO and AVCO inventory costing
Wages and salary systems

Deriving optimum costing
Comparing costing techniques (job order, process and others)
Overhead apportionment
Marginal costing and contribution
Pricing decisions using costing techniques
Absorbing direct and indirect costs into products or services

Setting budgets
Working within the context of the strategic plan
Forecasting sales and revenue
Calculating cost of sales and overhead
Rolling, incremental, flexible and zero-based budget methodologies
Budget coordination: creating the Master Budget
Limiting factors

Monitoring budgets
Actual vs. budget
Calculating and interpreting variances
Diagnosing the cause of variances
Re-forecasting
Feedback and feed-forward controls

Barriers to successful budgeting
Top-down vs. bottom-up processes
Committing to, and owning, the numbers
Total team participation
Overcoming the negative aspects of the budgeting process
Examining human responses to budgets

Analyzing break-even points
Calculating a projects break-even point
Evaluating a product discontinuation decision
Theory of constraints

Project Appraisal
Payback and discounted payback, accounting rate of return
Net present value, horizon perspectives & green/grey discount rates
Forecasting techniques (time series, regression and others)
Monte Carlo simulation using @RISK, scenario and sensitivity analysis
Internal rate of return (IRR)
XIRR and Modified IRR – use of Excel
Mutually exclusive projects vs. independent projects
Exercise: Participants use Excel to analyse projects based on their payback, discounted payback, IRR, NPV and standard deviation of NPV.

DAY 2

Globalization and the Individual Firm
Attributes of Globalization
Trade, Investment, Capital Flows, Information Flows, Demonstration Effect, Global Marketing, Global Competition, Global Labor Supply
Offshoring/Outsourcing as a specific form of modern-day globalization
Broad Implications and Challenges of Above for Management of Firms

Offshoring: Challenges and Opportunities
Offshoring Background: Manufacturing and China; Services and India; R&D and Eastern Europe
Offshoring as both Cost Management and Revenue Enhancement
For Western countries - R&D Offshoring to E. Europe -Reasons: Design and Research to Market; Broaden Access to Expertise, Existing Traditions, and Rapid Development of Scientific and Innovative Culture, Complex Interdisciplinary Nature of Contemporary R&D; Competitive Edge of Firm Married to Comparative Advantage of Location
Lessons for firms from emerging economies

Cost Management, Offshoring and Globalization
Specific aspects of changing global competition and implications for cost management
Role of technology
Tools of cost management: Organizational structure, Process management, Supply-chain management, Real estate management,
Offshoring and The Pitfalls of Focusing on Costs; Costs and Revenues: An Integrated Approach: Personnel management, Cash Flow Management
Cross-Border Issues: Currency management, Cross-culture and Institutional Issues, Legal and Informational issues, Contracting and IP issues
Sundry Challenges: Sources of other transactional costs; Quality Control, Monitoring and Coordination; Managing Impact on Core Competence

Analyzing various sectors: Finance, Manufacturing, Tourism, Travel and Real Estate
Cost management in financial institutions
Cost management in manufacturing
Prospects and Drivers of tourism and travel
Capacity constraints
Real estate content of tourism
Management issues In real estate and Tourism
Interplay of technology, travel and tourism

DAY 3

Case Study and Fun Assignment
Case Study: Offshoring of back-office activities by a multi-activity firm (tourism, real estate, manufacturing); Specific challenges faced; tailoring of organizational and management structure

Fun Assignment: Depending on number of participants class will be divided into teams; Project - Invest abroad or domestically in a tourism-hotel-spa complex; Feasibility-viability study; Critical parameters; IRR targeted; Build or buy decision; Design; Financing and project management; Operational outsourcing or in-house management etc.

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Who Should Attend
The module is designed for managers with strategic responsibilities within firms.

Fee and Aplication: 2,790.00€

Application documents:
http://www.seccf.org/uploads/courses/30-cost-and-revenue-management-application-form.doc

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