Comments about Advanced Cost Management for Business Competitiveness - At the institution - London - Greater London
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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
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Practical experience
Use of Video Cases; Written Cases; Simulations and Industrial Visits.
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Entry requirements
1st Degree or Equivalent Qualification
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Academic title
Diploma - Postgraduate in Advanced Cost Management
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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
