Advanced Cost Management for the Competitive Business Environment

Name: Advanced Cost Management for the Competitive Business Environment
Availability: InStock

by Golden Masters for Training & Consultancy

'This seminar addresses key questions and look at some fundamental and also advanced management accounting techniques used in modern enterprises. The aim is to equip business managers and management accounting with necessary tools and knowle

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Duration

5 days

Course Details

Having the best information is the key to success. In today’s business environment, the development and use of information especially cost management information – is a critical factor in the effective management of a firm or organization. As the business environment has changed, the role of cost management information has expanded to serve all management function.

The study of management and cost accounting yields insights into the changing roles and relationship between managerial activities and accounting intelligence. What types of decisions do managers make? How can accounting and management accounting information help managers make these decisions?

'This seminar addresses these questions and look at some fundamental and also advanced management accounting techniques used in modern enterprises. The aim is to equip business managers and management accounting with necessary tools and knowledge to progress in the new competitive environment.

Course Objective:

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 Bahaviour 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

Course Certificate

Masters Consultant certificate will be issued to all attendees completing minimum of 75% of the total tuition hours of the course.

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 behavior: 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 Approached 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 decison

- Problems, Case study and Examples

Masters Training Company was established in response to the growing need for quality training to support the business community within your Company, Department or Organization by providing a high standard of Training Programs, Courses, Seminars, Workshops and Consultancy Services to employees in a very competitive business environment.

Following the latest trends and ideas in Technology and Management techniques, and with its in-depth knowledge of the business environment, Masters Training Company is able to meet the special requirements of both local and international business throughout the Middle East. Masters Training & Consulting is an independent multinational firm with more than 25 years of experience in helping regional organizations develop their human capital in all fields of management.

Since 1990, we have been entrusted by our clients to provide the most reliable training and consulting products and services in the region. Our innovative and diversified range of training programs and consulting services are designed and delivered by an ever-growing team of full time multilingual consultants experienced in providing solutions relevant to this part of the world and applicable to today’s business challenges.

We pride ourselves on our track record in this regard and on our long-standing relationships with our clients, many of whom have been with us since we started business.

Our public training programs have attracted more than 300,000 participants from almost 3,000 organizations many of whom also entrust us with their needs for bespoke in-company programs. Our client base is steadily growing and so is our commitment to remain the regional leaders in the fields of training and consulting.

Masters is also an approved vendor from KHDA & ILM

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Sheikh Zayed Road Branch

Kherbash Tower, Office # 1803 & 1804, Sheikh Zayed Road, Dubai

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