Cost Management: Fundamentals and Techniques

ICTD International Centre for Training and Development

How long?

  • 5 days
  • in person

ICTD International Centre for Training and Development

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Who should attend

Financial managers/directors, accountants, financial assistants, budget accountants, analysts, budget and planning managers and coordinators, operations managers, facilities managers and any professional interested in cost control

About the course

This course addresses a number of tools that can be used to examine the cost structure of a business, including analyses for cost objects, constraints, and processes. The course also addresses how to reduce costs in all of the major areas of a corporation, including compensation, sales, production, procurement, and administration. There are extensive discussions of asset reduction techniques, as well as cost management reports and measurements.

## Course Objectives

By the end of the program, participants will be able to:

  • Learn the importance of analyzing and managing costs.
  • Understand Activity-Based Management – ABM.
  • Appreciate the importance of process costing and cost allocation.
  • Develop important tools for planning and decision making.
  • Evaluate and manage performance through strategic cost management.

## Course Outline

Setting the Strategic Foundation: The Importance of Analyzing and Managing Costs

  • Cost Management

  • Product Costing Systems: Concepts and Design Issues

  • Cost Accumulation for Job-Shop and Batch Production Operations

Activity-Based Management

  • Activity-Based Costing Systems – ABC

  • Activity-Based Management – ABM

  • Managing Customer Profitability

  • Managing Quality and Time to Create Value

Process Costing and Cost Allocation

  • Process-Costing Systems

  • Joint-Process Costing

  • Managing and Allocating Support-Service Costs

Planning and Decision Making

  • Cost Estimation

  • Financial and Cost-Volume-Profit Models

  • Cost Management and Decision Making

  • Strategic Issues in Making Investment Decisions

  • Budgeting and Financial Planning

Evaluating and Managing Performance

  • Standard Costing, Variance Analysis, and Kaizen Costing

  • Flexible Budget, Overhead Cost Management, and Activity-Based Budgeting

  • Transfer Pricing Strategy, Balanced Scorecards, and Incentive Systems

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Cost Management: Fundamentals and Techniques at ICTD International Centre for Training and Development

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