Advanced Cost Management for Business Competitiveness

COURSE RATIONALE
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.

PROGRAMME OBJECTIVES
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 Behaviour 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
TRAINING METHODOLOGY
Using a combination of lectures and group exercises, the delegates will gain both a theoretical and practical knowledge of the topics covered. The emphasis is on the practical application of the topics and as a result delegates will return to the workplace with both the ability and the confidence to apply the techniques learned.
PROGRAMME 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 behaviour: 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 decision
Problems, Case study and Examples
Course Admission and Registration:
As an Award-bearing Postgraduate Course, it is essential that we assess the aptitude of our potential participants. We, would, therefore appreciate if you might complete our standard Postgraduate Application Form, which is available on request (please see our contact details above),
If your previous qualifications and experience are in line with our admission criteria, you will be sent an official notification of your admission to the course or courses for which you have applied, along with a Proforma invoice, for the payment of the relevant fees. You will then be duly registered for the course/s as soon as we have received your payment.
Terms and Conditions


HRODC Postgraduate Diploma and Diploma – Postgraduate
HRODC Postgraduate Diploma and Diploma - Postgraduate: Distinction and Award

Seminars & In-house Courses of 1 – 3 Months Duration, Lead To the HRODC Postgraduate Diploma. Seminars and In-house Courses of 2 Days & More But Less Than 1 Month Lead To HRODC Diploma - Postgraduate. Attainment requirement for HRODC Postgraduate Diploma & Diploma - Postgraduate - is 50% Minimum. HRODC Certificate of Attendance & Participation will be awarded to Delegates of Seminars & Courses of less than 2 days and those gaining less than 50% pass in the Postgraduate Diploma or Diploma - Postgraduate - Seminars and In-house Courses.

Individual Modules and Blocks of HRODC Postgraduate Diploma can be taken studied over a 3-year period, anywhere in the world that they are offered. All modules or Blocks, in the case of the Postgraduate Diploma in Executive Management, must have been studied, with Delegates gaining 50% and above in at least 70% of the modules or blocks. To achieve the attainment level required for the Award of HRODC Postgraduate Diploma in Communication and Information Management, delegates should achieve a minimum of 50% pass in at least 70% of the modules. Module one will be treated as a double-unit and assessed in 2-parts, while module 3 will be regarded as 4 units, assessed in 4 distinct parts. There are, therefore 10 units, for assessment purpose, requiring at least a pass in 7 units, at 50% or higher. The assessment will be facilitated by the issuance of bound copies of course guides and course supplement (possibly combined), at the beginning of the training.

Delegates who fail to achieve the requirement for HRODC Postgraduate Diploma, or Diploma - Postgraduate - will be given support for 2 re-submissions. Those delegates who fail to achieve the requirement for the Postgraduate Diploma or Diploma - Postgraduate - on 2 resubmissions, or those who elect not to receive them, will be awarded the Certificate of Attendance and Participation. All seminar guides and course guides will indicate which activities will count towards HRODC Diploma.