Cost Analysis and Control – Discover the importance of analyzing and managing costs!
Cost Analysis and Control is an essential topic in accounting and finance as its effects stretch to all departments and impact the financial position of the organization. Cost management covers several cost concepts such as job and batch orders and absorption costing.
The pinnacle of any cost management training is activity-based costing which helps in making better decisions. Among these decisions are whether to drop or keep a product, make or buy, and replace or keep a piece of equipment.
Moreover, cost management includes allocating costs of service departments internally. Also covered in this course are cost estimations and transfer pricing.
The course will close with evaluating performance and a brief discussion on the balanced scorecard and managing scarce resources.
In this Cost Analysis and Control course, you will examine management control systems as tools to implement and track strategy.
You will also see how management control systems can influence human behavior in organizations.
You will use “responsibility centers” to impact the control process, and you will analyze their underlying control techniques and various evaluation metrics.
The “profit center” approach is one of the most widely employed evaluation techniques to measure performance. You will gain a clear understanding of its strengths and weaknesses. You will also look at some methods used to measure profitability.
There is an aggressive drive to lower costs from world-wide sources, and the concept of inter-company “transfer prices” is a crucial management tool utilized to move products and services throughout the decentralized organizational structure.
You will complete an in-depth review of strategic planning and the resulting budget process.
This course aims at making this advanced subject easier for participants to understand by covering the material using several examples and exercises.
You might be interested in other Financial courses as a next step.
By the end of the course, participants will be able to:
Discover the importance of analyzing and managing costs
Develop important tools for planning and decision making
Explain Activity-Based Costing (ABC) and Activity-Based Management (ABM)
Estimate costs and allocate them properly
Evaluate and manage performance through strategic cost management
Participants who fully attend this course and complete the test on the last day will receive a Strategic Axis Professional Certificate (SAPC). SAPC certificates are regionally recognized and can be quite valuable when applying for more senior roles within the organization or outside.
Definition of cost management
Dimensions of cost management
Product costing systems: concepts and design issues
Cost behavior, types, and hierarchy
Cost accumulation job shop
Batch production operations
Variable versus absorption costing
Identifying relevant costs
Outsourcing decisions: make or buy
Add or drop product or business line
Special order pricing decisions
Analyzing value-added versus nonvalue-added activities
Managing customer profitability
Managing quality and time to create value
Cost estimation techniques
Identifying and choosing a cost driver
Simple regression analysis
Multiple regression analysis
Applications in Microsoft Excel
Allocating costs of support departments
Inter-group transfer pricing issues
Cost, volume, profit analysis
The breakeven point for multiple products
Margin of safety
Managing scarce resources
Strategy, balanced scorecards, and performance measurement
Operations Planning and Management Operations Planning and Management will help an organization to avoid redundant or inefficient work while anticipating and identifying problem areas before they become significant issues. Without a proper plan.....View Detail
Project Budgeting, Cost Estimating, Control, and Life Cycle Costing Project Budgeting, Cost Estimating, Control, and Life Cycle Costing. The cost of a project is the most significant factor in its becoming a reality. Costs are dealt with at the.....View Detail
Certified Cost Professional (CCP®) Certified Cost Professional is an experienced practitioner with advanced knowledge and technical expertise to apply the broad principles and best practices of Total Cost Management (TCM) in the planning,.....View Detail
Cost Management Training. Why you need cost management training? The first step in successfully managing any project is a cost management strategy as well as to have a project budget that realistically reflects the costs for executing the.....View Detail
Certified Data Analysis Professional The Data Analysis Professional is a first level, hands-on training course aimed at equipping you with the necessary concepts and tools needed to perform primary statistical and analytics reporting activities, to.....View Detail