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Course Code: FNBN 128
87 Course Visits
Managing Cost
Course Sector:
Finance, Accounting and Banking
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Introduction
Training course introducion / brief
Cost management is critical for business as in analyzing and projecting the prices of goods and services. Through cost management, businesses are able to plan and control the budget of the business and aids in forecasting the business expenses, thereby being an integral part of the business management.
This training course is designed to provide participants with the fundamental concepts and techniques necessary managing and controlling resources especially in today’s global competition where the budgets are linked with the achievement of strategic objectives as well as with evaluation of future plans and initiatives.
Course Objectives
At the end of the training course, participants will be able to
- Gain a comprehensive understanding of the concept and importance of managing cost.
- Identify the difference between traditional and modern cost management techniques
- Learn the various product pricing strategies
- Determine and apply cost management techniques for strategic decision making
- Utilize performance evaluation techniques by linking the critical success factors with the key performance indicator
Course Audience
Who is this course for, and can benefit the most
- Executives who have strategic financial oversight of their unit or organization
- Finance-related roles
- Accounting-related roles
- Marketing Managers
- Financial managers
- Affiliate marketing leaders
- Career Enhancers
- Digital Innovators
- Business owner / Entrepreneur
- General / Senior Accountant
- Business Project Manager
- Bank Branch Manager
- Structured Finance Senior Relationship Manager
- Finance Transformation Manager
- Risk Manager
- Investment Analyst
Course Outline
The course aims and learning outcomes
Introduction to Cost Management
- Cost Management Concept
- Traditional Cost Management
- Modern Cost Management
- Benefits of Modern Cost Management
Traditional Cost Management
- Product Cost Management
- Material Cost
- Employee Cost
- Overheard
- Job Costing
- Batch Costing
- Unit Costing
- Process Costing
- Limitations of Traditional Cost Management
Modern Business Environment
- Characteristics of Modern Business Environment
- Business Excellence Model
- Total Quality Management
- Supply Chain Management
- Business Process Reengineering
- Outsourcing
- Just-in-time
- Six Sigma Techniques
Modern Cost Management Techniques
- Cost Reduction
- Cost Control
- Target Costing
- Value Engineering
- Pareto Analysis
- Life Cycle Costing
Decision Making
- CVP Analysis
- Activity-Based Costing
- Theory and Principles of Product Pricing
- Sensitivity Analysis
- Pricing Strategies
Performance Evaluation
- Responsibility Accounting
- Critical Success Factors
- Key Performance Indicators
- Balanced Scorecard
- Performance Pyramid
- Building Block Model
Cost Control and Analysis
- Marginal Costing
- Contribution Margin
- Break-even analysis
- Margin of Safety
- Product/service cost under Marginal Costing
- Standard Costing
- Setting up of Standards
- Types of Standards
- Cost Variance
- Integration of Standard Costing with Marginal Costing
Budgets and Budgetary Control
- Introduction to Budgeting
- Budget setting process
- Flexible Budgets
- Functional Budgets
- Cash Budget
- Master Budget
- Zero Based Budgets
- Performance Budgets
- Behavioral Aspects
- Beyond Budgeting
Providers and Associations
Providing the best training services and benefits to our valued clients
Boost certificate of completion
BOOST's Professional Attendance Certificate “BPAC” is always given to the delegates after completing the training course, and depends on their attendance of the program at a rate of no less than 80%, besides their active participation and engagement during the program sessions.
ENDORSED EDUCATION PROVIDER
Flexible deadlines
Customized dates accordance to your schedule
Shareable Certificate
Earn certificate upon completion
COURSE METHODOLOGY
Our Training programs are implemented by combining the participants' academic knowledge and practical practice (30% theoretical / 70% practical activities).
At The end of the training program, Participants are involved in practical workshop to show their skills in applying what they were trained for. A detailed report is submitted to each participant and the training department in the organization on the results of the participant's performance and the return on training. Our programs focus on exercises, case studies, and individual and group presentations.
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