An Interactive 5-Day Training Course
Cost Accounting and Cost Management in Oil Refineries
Controlling Costs to Improve Efficiency and Profitability
Course 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 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.
This Saudi GLOMACS training course will highlight:
- The structure of the Income Statement and major costs
- Best Practice Costing Methods in Oil Refineries
- How to Manage & Control Costs to maintain profitability?
- Inventory Management techniques to reduce costs
- Management techniques to stimulate cost control throughout the entire organisation
Training Objectives
By the end of this Cost Accounting and Cost Management in Oil Refineries 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
- Analyse Cost & Price Volatility to enable better decisions
- Control Costs effectively
Who should Attend?
This Saudi GLOMACS Cost Accounting and Cost Management in Oil Refineries 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
About Saudi Glomacs
At Saudi GLOMACS, we specialize in delivering world-class training courses in Saudi Arabia and across various international locations. Our training courses are tailored to meet the unique demands of Saudi Vision 2030 and the Human Capability Development Program, focusing on empowering Saudi citizens and enhancing workforce skills. We offer diverse courses spanning leadership, management, engineering, and technical disciplines to cultivate expertise and drive professional growth. Our flexible learning options—whether in-person, online, or in-house—ensure accessibility and convenience for individuals and organizations alike.
With over 30+ years of experience through the GLOMACS global network, we are committed to delivering innovative, results-driven training solutions. Our expert instructors combine industry knowledge with dynamic teaching methods, fostering practical skill development and long-term career success. By choosing Saudi GLOMACS, you're investing in personal excellence and contributing to the Kingdom’s sustainable economic growth and vision-driven transformation.
Training Outline
DAY 1: The Essentials of Cost & Price Management in the Oil Refinery Sector
- 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
DAY 2: Best Practice Costing Methods
- 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
DAY 3: Cost Management & Control
- Cost Classification & Cost Behaviour
- Controlling Fixed & Variable Costs
- Reducing Fixed Costs
- Cost-Volume-Profit Analysis
- Inventory Control to Reduce Costs
- Incentives to Reduce Costs
DAY 4: Hedging Costs & Risk Management
- 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
DAY 5: Managing Project & Contract Costs & Prices
- 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
Certificates
- On successful completion of this training course, GLOMACS Certificate will be awarded to the delegates
- Continuing Professional Education credits (CPE) : In accordance with the standards of the National Registry of CPE Sponsor, one CPE credit is granted per 50 minutes of attendance
Accreditation
GLOMACS is registered with NASBA as a sponsor of Continuing Professional Education (CPE) on the National Registry of CPE Sponsors. NASBA have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org.
All Training Seminars delivered by GLOMACS by default are eligible for CPE Credit.
Providers and Associations
Sessions in international locations
Online Sessions
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