(Duration: 2 days)

Introduction

In order to create and sustain a competitive advantage, employees need to understand the importance of cost management. A good working knowledge in cost management will lead to cost reduction, better cost decision making and higher profitability. This will enable companies to compete more effectively and efficiently in this globalise market.

This program is designed to provide the participants with an understanding of cost management without the technical jargon. It will focus on topics such as costing, making decision using costing analysis, cost reduction, pricing decisions, profitability analysis, developing financial performance measures and strategic management accounting.

Course Objectives

Upon completing this course, the participants will be able to:

· Understand the costing terminology

· Able to perform costing using suitable costing methods

· Able to make various decisions using costing models

· Implement financial performance measurement matrix

· Learn to identify the issues involved in cost reduction

Course Contents

Overview of cost management

· Purpose and importance of cost management

· Costing terminology

Costing Methods

· The concept of cost assignment

· Process costing

· Job costing

· Activity based costing (ABC)

Costing for Decision Making

· Measuring relevant costs and revenues

· Pricing decisions

· Profitability analysis

Planning, control and performance measurement

· Budgeting

· Management control systems

· Financial performance measurement

· Strategic management accounting

Who Should Attend?

Senior management, Engineers, Managers, Supervisors, Senior Technicians and those without any exposure in costing and cost management