This course will assist delegates and let them develop a better understanding of Costing aspects of business. As you may know, costing function is the spine of any business and is knottily linked with business survival & growth. Thus, participants will be equipped with all the tools and techniques they need to become a better manager in this work area and to be able to bring the best out of their team using the skills and knowledge provided in this program. The managers will also be able to ensure improved overall results in the organization for a successful tomorrow.
This training program has been planned out keeping in mind both the traditional and up to the minute trends and requirements of the given field. This makes the course an ideal learning opportunity for all of its participants. Please make a note that a custom proposal can also be acquired, if you have different training requirements for your team.
Who Should Take This Course?
- Production people
- Budget Officers / Forecasting Specialists
- Strategic Planners
- Chief Operating Officers & Operation Directors
- Non-Finance Managers in key positions
- Supply Chain Professionals
- Purchase Heads
- Introduction to Costing and Cost Management – An overview of mapping stakeholders for the purpose of MIS & Decision Making
- Types of Costs – FC, VC, TC, TVC, TFC, AVC, AFC, AC, MC, Product Cost, Step Cost, Period Cost to name a few along with examples on each one
- Principles of Cost Management – Reports for analysis and Cost Sheet with practical examples
- Costing for Decision Making – Relevant Cost Approach along with case studies on the same
- Costing for Decision Making – Relevant Revenue Approach along with case studies on the same
- Long Term vs Short Term Decision Making – “Every Action has a Financial Reaction” – Costing from perspectives of decision maker, manager and accountant
- Techniques of Costing – An Introduction. Comparison between traditional and modern techniques with examples
- Absorption Costing vs Marginal Costing. Comparison of traditional industrial age costing technique with modern business decision-making approach with case studies on the same
- Contemporary Costing Techniques including Target Costing, Activity Based Costing and Just In Time (JIT) approach.
The core objective of this course is to learn how to apply the costing principles and the concepts in the real world for achieving cost leadership. Furthermore, the course will enable you to:
- Understand and explain the structure of the framework of cost management.
- Apply costing principles two decision making and control, the two most important pillars of business.
- Use the latest costing techniques for short term and long-term decision making.
- Analyze the data required to create an MIS (Management Information System) around the cost management framework.
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