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Objectives

• The subjects that will be discussed in the Course 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

The Delegates

• Managers with direct financial responsibilities
• Managers and Seniors who need to know more about business planning, budgeting, costing terms and techniques.
• Cost and management accountant
• Financial planners and cost analysts
• Senior managers who supervise people with financial responsibilities
• Financial and budget controllers who are moving to wider responsibilities
• Managers who have to plan, cost and budget new business ventures.
• Managers and Supervisors from every business discipline and department who have to run departments and plan, cost and budget during their business lives.
• Managers who require a refresher programme on the topic or who would benefit from having an opportunity to consider new ideas and methods.

Contents

• 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 behavior: Fixed and Variable Costs
  • Problems and Examples

• 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

• 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

• 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

• 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 Examples

The Discount

0% in case of Three P. (or more)