Cost Accounting and Cost Management in Oil Refineries

Schedule
Jan | Feb | Mar 2022
Duration
5 Days
Difficulty
Intermediate
Methodology
Online Live | Onsite

Overview

With increased competition and volatility in prices, it is essential to manage costs effectively in the Oil Refinery sector in order to preserve profits, sustainability and market share. Cost Management is one of the most effective and essential tools for planning and monitoring organizational activities, as well as supporting future strategic decisions.

This Finance & Budgeting online training course on Cost Accounting and Cost Management in Oil Refineries provides the essential knowledge and skills to enable delegates to successfully control costs; prepare, manage and control budgets in the Oil Refinery sector. It also provides solutions to the strategic issues currently facing major international Oil Refineries, enabling delegates to effectively managing existing projects and recommend sustainable growth strategies in an efficient and cost effective manner.

OBJECTIVES

  • By the end of this training course, participants will learn to: 
  • • Determine the Costs associated with your department / company
  • • Assess and Manage Costs / Price Volatility
  • • Use the very latest Costing Methods
  • • Analyze Cost & Price Volatility to enable better decisions
  • • Control Costs effectively

TARGET AUDIENCE

This training Course is suitable to a wide range of professionals but will greatly benefit:

• 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

COURSE OUTLINE

• Identification of the Critical Costs and Key Performance Indicators in the Oil Refinery Sector
• A Detailed Examination of the Income Statement for an Oil Refinery
• Calculation of the Cost of Sales for Refinery Products
• Cost & Price Volatility within the Sector
• Allocating Responsibility for Cost Control
• Implementing a Cost Control Culture within the Organization

• 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 Behavior
• 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

Instructor

Mark Steele

Mark is certified trainer with 20+ years of experience in gulf and London. He has trained batches, corporates, individuals and companies from all over the world.

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