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Advanced Cost Management for Business Competitiveness

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  • Objectives
    Participants gain the insights they need to win in the global marketplace. Key subjects that the seminar addresses include:


    Information for informed management decisions


    Management use of management accounting information


    A new role for the management accountant


    Cost management and Strategy


    Basic Cost and Cost Analysis


    Cost Behaviour and Cost Estimation


    Different Approaches to Costing (Standard Costing, Activity-Based Costing,)


    Product costing in multinational firms


    Cost Planning and Budgeting



    Decision Making with Relevance Costs and a Strategic Emphasis
  • Practical experience
    Use of Video Cases; Written Cases; Simulations and Industrial Visits.
  • Entry requirements
    1st Degree or Equivalent Qualification
  • Academic Title
    Diploma - Postgraduate in Advanced Cost Management
  • Course description

    PROGRAMME OUTLINE



    DAY 1 – Management and Cost Management Fundamentals: A Review of Key Cost Concepts


    The accountant’s role in the organization

    An introduction to cost terms and purposes

    The use of cost management information

    Creating cost-aware organizations

    Review of some key cost concepts

    Product vs. Period costs

    Direct and Indirect Costs

    Cost behaviour: Fixed and Variable Costs

    Problems and Examples

     

    DAY 2 – Different Approaches to Costing: Part 1


    Absorption (Full) vs. Variable costing

    Under-costing and over-costing: the consequences for profitability

    How to refine a costing system?

    Activity-based costing (ABC) and cost-management

    Cost hierarchy & Cost drivers

    Linking resources, activities and management

    Introducing Activity-based management (ABM)

    Linkages between ABM and ABC – monitoring value creation

    Problems, Case Study and Examples

     

    DAY 3 – Different Approaches to Costing: Part 2

    Job-costing systems

    Process costing systems

    Cost allocation

    Cost allocation: joint-cost situation

    Transfer pricing

    Problems, Case Study and Exercises

     

    DAY 4 – Different Approaches to Budgeting

    Fixed and flexed budget (static and flexible budget)

    Rolling budget

    Zero based budgeting

    Activity based budgeting

    Master budget

    From costing to budget: interpreting variances (variance analysis)

    Integrate continuous improvement into variance analysis.

    Problems, Case Study and Exercises

     

    DAY 5 – Cost Planning and Pricing Decisions: Life-Cycle-Costing, Target costing and Target Pricing


    Linking process development to costing

    Target costing, target pricing and its implications

    The three major influences on pricing decisions

    Distinguish between cost incurrence and locked-in costs

    Cost plus approach to pricing

    Life cycle product budgeting and costing to assist in pricing decision

    Problems, Case study and Example

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