Management Accounting Fundamentals

Course Objectives

The objectives of the course are to

  • Explain the basic principles of Budgeting
  • Provide participants with an understanding of the aspects of Financial Decision making
  • Following completion of the two-day Programme, participants will be able to 
  • Communicate the Budget to colleagues and explain the importance of Budget targets
  • Provide effective  input to Financial Decision Making within their organisations
  • Engage in discussions with financial colleagues to drive performance initiatives.
  • Understand and contribute to their in-company budgeting process
    Target Audience

    This course is suitable for anyone that wants to understand the language of Finance and wants to contribute to financial decision making within their organisation.

    Course Content

    Introduction to Management Accounting

  • Cost Volume Profit Analysis
  • Overhead Allocation Methods
    Costing of Overheads

  • Standard Costing
  • Activity Based Costing
    The Budgeting Process

  • The Budgeting Cycle
  • Allocation Exercise
  • Overhead Recovery Exercise
  • Direct Product Profitability Exercise
  • Customer Account Profitability Exercise
    Investment Appraisal Methods

  • Payback
  • Net Present Value (NPV)
  • Internal Rate of return (IRR)
    Performance Analysis

  • Principles of Variance Analysis
  • Variance Analysis Example
  • Total Materials Variance
  • Price Variance (PPV) Exercise
  • Usage Variance (Yield and MUV) Exercise
  • Total Direct Wages Variance
  • Rate Variance Exercise
  • Efficiency Variance Exercise
  • Financial Decision Making

    Background and Context

    Avery Dennison is currently preparing to invest in a number of significant Global projects. Finance personnel at Avery Dennison Cork are currently preparing Capital Budget Approval plans to support the investment in these projects. Value Added Consulting has been asked to provide a Training programme which would provide a comprehensive understanding of the major principles of Investment Appraisal and would ensure a consistent approach to project evaluation.

    Course Objectives

    The objectives of the one-day course are to help participants understand

    1. How to apply a range of Investment Appraisal techniques
    2. How to assess relevant and non-relevant costs in Financial decision making
    3. How to quantify the sensitivity of a Financial decision
    4. How to select projects that optimize Return on Investment

    Training Programme Content

  • Introduction to Investment Appraisal                          Exercise
    Relevant Costs for Decision Making

  • Sunk Costs
  • Opportunity Costs
  • Incremental Costs Exercise
  • Financial Decision Making
  • Make or Buy Exercise
  • Keep or replace Exercise
  • Scarce Resources Exercise
  • Special Order Exercise
  • Projecting Project Cashflows
  • Cost Saving v Cost Avoidance
  • Tax Considerations
  • Depreciation considerations Exercise
  • Long Term Investment Appraisal
  • Payback Exercise
  • Net Present Value Exercise
  • Internal Rate of Return Exercise
  • Return on Capital Employed Exercise
  • Managing Investment Risk
  • Sensitivity Analysis Exercise
  • Breakeven Point Exercise
  • Finance for Non-Financial Managers

    Course Objectives

    The objectives of the one-day course are to

    1. Provide an rigorous overview of basic Accounting principles to all participants (i.e. How do Accountants think)
    2. Explain how daily actions impact reported Financial Performance

    Course Deliverables

    Following completion of the one-day Programme, participants will be able to

    1. Understand the role of Finance in their daily operations
    2. Understand how they can contribute to improving company financial performance
    3. Interpret Accounting information in their day-to-day roles.
    4. Engage in tangible discussions with financial colleagues to drive plant performance initiatives.
    5. Understand and contribute to their in-company budgeting process

    Delivery Style

    The course will be delivered in a discursive and interactive manner with a strong emphasis on participation. The objective is to make participants comfortable with the language of finance and confident to engage discussion with their financial colleagues.

    Course Content

    The role of Finance

  • What is the purpose of Finance
  • Compliance and Shareholder issues.
    Financial Accounting Principles

  • Fundamental Principles: Matching, Accruals
  • Profit and Loss Overview                                                                   Exercise
  • Balance Sheet Overview                                                                     Exercise
    How daily tasks impact Financial Reporting

  • Inventory Valuation
  • Identifying obsolete inventory.
  • Transaction accuracy and timeliness
  • Formalising the Purchase Order process
    Standard Costing

  • Overview of Management Accounting
  • Fixed Costs, Variable Costs, Contribution                             Exercise
  • Standard Costing Overview
  • How Standard Costs (Mat, Lab & O/H) are set
  • Overhead Absorption Principles
  • Traditional Methods                                                               Exercise
    Variance Analysis

  • Principles of Variance Analysis
  • Variance Analysis Example
  • Total Materials Variance
  • Price Variance (PPV)                                                  Exercise
  • Usage Variance (Yield and MUV)                             Exercise
  • Total Direct Wages Variance
  • Rate Variance                                                             Exercise
  • Efficiency Variance                                                    Exercise
  • Technical Writing in Regulated Industries

    Who Should Attend

    This is a one-day course for people who must write within regulated environments. This course is helpful for those who must work with documentation and understand the broad range of reporting that the industry requires.

    Learning Objectives

    On completion of this course, participants will:

  • Know how to produce effective written correspondence
  • Understand how to assess and write to the audience
  • Know how to review and revise documents
  • Session 1: Communication Essentials

    This session provides participants with an understanding of the challenges of communicating effectively to a non specialist audience.

  • Hearing, Understanding, Agreeing, Acting                            EXERCISE
    Session 2 Guidelines for writing Process Documents

    This session introduces participants to the fundamental principles of good technical writing

  • Simple Language
  • Limit the Number of Ideas
  • Using Conditionals (Should / Could / Would)
  • Irrelevant Restrictions
  • Information in Order
  • Precision
  • Consistency                                                                             EXERCISE
  • Effective Presentation of Numerical Data
    Session 3 Organizing and Delivering Financial Information

    This session informs participants how to structure their ideas into distinct points and how to effectively communicate points and supporting information

  • Dealing with terms and acronyms
  • Using The Direct Approach                                                    EXERCISE
  • Using The Controlling Idea                                                    EXERCISE
  • Constructing effective paragraphs
  • Elevator Pitch
    Session 4: Writing Style

  • Weak Verbs
  • Ponderous Nouns
  • Parallelism
  • Intensive Adverbs
  • Misplaced Modifiers
  • Logical references
    Session 5:  Document Review

    In this session course participants will review the updated proposals prepared in Session 6 for compliance with the best practice Technical Writing principles introduced earlier on the course.

  • Document review                                                                    EXERCISE
    Review and Close

    Participants will be required to prepare a personal action plan indicating how they plan to introduce the principles and techniques learned on the course to their day-to-day roles.

    Conflict Management


    This programme is designed to give individuals the skills and abilities to prepare and carry out effective interviews to help choose the best candidates.


    By the end of the programme, participants will be able to:

  • Understand what conflict is all about
  • Recognise the signs of conflict
  • Understand how people react to conflict
  • Develop strategies for dealing with conflict
  • Understand conflict in organisations and work settings
  • Learn some ideas how to resolve conflict
    Programme Outline/ Day
    Step 1: What is conflict

  • What is conflict
  • The benefits of conflict Exercise
  • The adverse costs of conflict Exercise
  • The 4 possible outcomes of conflict Exercise
  • The types of conflict
    Step 2: The ways to resolve conflict

  • Strategies to resolve conflict Exercise
  • Styles of conflict resolution
  • Levels of conflict
  • Thomas Killman conflict resolution tool Exercise
    Step 3: Conflict and Psychological Difficulties

  • Coping strategies
  • Conflict and distorted thinking
  • Conflict resolution models Exercise
  • Personality types and conflict
    Step 4: Games and Conflict resolution

  • The various types of games played by people
  • The benefits and potential pitfalls of games
    Step 5: Negotiation and successful outcomes

  • The various types of games played by people Exercise
  • Mediation
  • Preventing future conflict
    Review and Close

    Targeted Audience

    Individuals who want to manage themselves and others effectively in conflict situations.

    Duration – 1 day

    Managing Change

    Programme Objectives

    This programme will use Kotters 8 stage Model to address change. The programme looks at a broad range of change theory tools along with the psychological challenge of helping individuals manage through transitions.
    Case studies will be used to apply the learnings to the specific context of the participants..

    Programme Content

    Introduction to Change Theory (Kurt Lewin)

  • Overview of John Kotters Change Model Framework
    Set the Stage (Kotters Framework: Step 1&2)

  • Techniques on Creating the Need
  • Team Dynamics
    Decide What to Do (Kotters Framework: Step 3)

  • Understanding the Vision & Mission Approach
    Make it Happen (Kotters Framework: Steps 4-7)

  • Communication Styles
  • Managing Stress
  • Optimising Communication to lead change
  • Techniques on how to identify & maximise Opportunities
    Make it Stick (Kotters Framework: Step 8)

  • How to build the Culture
  • Next Steps Action Plan
  • PMP Project Management Certification

    PMBOK Training Course 

    Studies indicate that only one-quarter of all projects world-wide succeed in achieving quality, cost and schedule objectives.  With the ever increasing pressure to manage costs and an equally aggressive market space for quality products delivered to scheduled dates; the need for certified project managers is increasing. The Project Management Professional (PMP®) certification is the most widely recognised certification available to Project Managers worldwide. This course will deliver the material required using lessons and workshops. Learners will utilize the knowledge to complete case studies and test proven tools and techniques of Project Management.


    The syllabus is designed based on the experience level of the participants. However, it may be of particular benefit to those who currently work in Project Management and are now looking to expand and enhance their skill set to deal with existing or more challenging projects.

    Learning Objectives

    Upon completion of this course; the participant will

  • Apply proven Project Management methodologies to their work
  • Be competent in utilizing Project Management best practices as outlined in PM body of knowledge (PMBOK®)
  • Identify the areas of Project Management they need work experience in
  • Be prepared to take the follow-on PMP® exam preparation course
    Who should attend?

  • Those currently working in Project Management who wish to enhance and expand their professional competency
  • People who want to be PMP® certified Project Managers and apply best practices, tools and techniques to their projects
  • Project, Program, Portfolio and Section Managers who are preparing to take the PMP® Exam
    Programme Content

    Project Management Process Groups

  • Initiating processes
  • Planning processes
  • Controlling processes
  • Executing processes
  • Closing processes
    Project Integration Management

  • Develop project charter
  • Develop preliminary project scope statement
  • Develop project management plan
  • Direct and manage project execution
  • Monitor and control project work
  • Integrated change control
  • Close project
    Project Scope Management

  • Scope planning
  • Scope definition
  • Create Work Breakdown Structure (WBS)
  • Scope Verification
  • Scope control
    Project Quality Management

  • Quality planning
  • Perform quality assurance (QA)
  • Perform quality control (QC)
    Project Time Management

  • Activity definition
  • Activity sequencing
  • Activity resource estimating
  • Activity duration estimating
  • Schedule development
  • Schedule control
    Project Cost Management

  • Cost estimating
  • Cost budgeting
  • Cost control
  • Earned value
    Project Risk Management

  • Planning
  • Identification
  • Qualitative analysis
  • Quantitative analysis
  • Response planning
  • Risk monitoring and control
    Project Human Resource Management

  • Human resource planning
  • Acquire project team
  • Develop project team
  • Manage project team
    Project Procurement Management

  • Plan purchases and acquisitions
  • Plan contracting
  • Request seller responses
  • Select sellers
  • Contract administration
  • Contract closure
    Project Communications Management

  • Communications planning
  • Information distribution
  • Performance reporting
  • Manage stakeholders
    Professional Responsibility/ Ethics

  • Ensuring individual integrity and professionalism
  • Contributing to the project management knowledge base
  • Enhancing individual competence
  • Balancing stakeholders’ interests
    Class Length: 4 days
    It is recommended that the course be delivered over an extended time period e.g. 1-2 days per week or month with participants completing case studies between classes.
    This course can be combined with the PMP® exam preparation course to form a 6 day program. The combined program also covers

  • Exam application and maintaining certification status
  • Specific focus on exam problem areas
  • Extensive use of exam simulator
  • Access to exam simulator for 2 months after course completion
  • Goal Focused Project Management


    Project Management Training must

  • Ensure participants appreciate the value of structured Project Management processes
  • Provide a consistent Project Management Process for use on projects
  • Provide suitable templates to support the Project Management  process
  • Emphasise the practical implementation of the Project Management process
  • Facilitate Project Team Thinking rather than functional thinking

    By the end of the programme, participants will be able to:

  • Define the key phases and tools of The Project Management Process
  • Utilise Project Management tools and templates as required in projects.
  • Liaise effectively with all relevant Stakeholders
  • Clarify Project Objectives before starting to plan.
  • Effectively complete Risk Assessments and determine suitable Risk Management solutions
  • Align Project Resources with Project deliverables
  • Manage Project Meetings and other Project Communications
    Training Course Content

    Goal Focused Project Management is a two-day programme with content as follows:


    Course Content


    Mindset Attributes of an Excellent Project Manager (Exercise)
    Personal Time Management
    Project Thinking vs. Operational Thinking
    Initiate Stakeholder Mapping (Exercise)
    Define Project Goal (SMART) (Exercise)
    Project Charter (Exercise)
    Project Lifecycle
    Project Org Structure
    Project Governance
    Project Roles and Responsibilities

    Stakeholder Management Strategy

    Project Charter

    Plan WBS (Exercise)
    Critical Path (Exercise)
    Gantt Chart (Exercise)
    Risk Management (Exercise)
    RASIC and Communications Plan (Exercise)
    Scope Statement
    Resource Plan
    Gantt Chart
    Risk Management Plan
    Risk Register
    Quality Plan
    Communications Plan
    Execute Manage the Team (Exercise)
    Manage Meetings
    Manage Changes
    Team Attributes
    Belbin Team Roles
    Project Change Management
    Change Request
    Effective Meeting Minutes

    Monitor and Control

    Project Reporting Project Performance Report
    4 Up report


    Project Audit Lessons Learned


    Strategy Mapping

    Strategy mapping is a relatively recent approach to improving strategy implementation and execution. It was pioneered by Robert Kaplan and David Norton, founders of the Balanced Scorecard. Strategy maps enable organisations to describe and communicate their strategies to various stakeholder groups. Many excellent plans fail because people have not been engaged in the change process. More often, schemes fail because senior managers fail to convey the key elements of their strategy to those who must execute it.

    Strategy Maps provide a conceptual framework to help all levels in a company understand and execute strategy.

    Well-constructed strategy maps:

  • keep the organisation focused on its core strategies
  • point to where investments should (and should not) be made
  • are the foundation for strategically-oriented balanced scorecard systems, and
  • communicate the intent of the organisation to all its stakeholders, but particularly to employees who must implement the strategy on a daily basis
    Learning Objectives

    On completion of Strategy Mapping Workshop, all participants will possess the skills to

  • Identify range of Projects and Initiatives which support organisational Strategic Objectives
  • Understand the tactical and operational linkages that are required to ensure Strategic Alignment
  • Communicate organisational Strategy at all levels of the organisation
  • Set Measures and Targets to help ensure Strategic Projects are delivered.

    Strategy Mapping Module Content

    Duration: 1 day

    Session 1: Strategy Mapping

    Build Strategy Map from Balanced Scorecard Perspectives                                      Exercise

    Develop suitable measures to monitor Strategy Progress                                           Exercise

    Develop “stretch” targets to drive Strategy                                                                Exercise

    Identify Strategic Initiatives to support Strategy Implementation                             Exercise