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Cost control is one of the most effective and essential tools for planning and monitoring organizational activities, as well as supporting future strategic decision. Cost analysis is linked to strategy formulation, the budgetary process and performance management. It is crucial to interpreting how costs behave so that realistic budgets and plans can be produced, and appropriate financial and non-financial resources can be made available to the business.
What Do Participants Learn?
• How to add value to the bottom line • Enhance cost awareness and its relationship with strategy • Describe specific cost analysis and performance measurement techniques • Learning how to get from cost to strategy than to performance measurement • Broadening the management accounting knowledge • Deliver more timely and useful information to decision makers • Identify and manage key financial and non-financial indicators for the business
Who Should Attend?
• All business professionals and sectors of industry, irrespective of functional responsibilities, where personnel have to plan and cost, and who are responsible for strategic analysis • Other professionals who would like to increase skills from having the opportunity to consider new ideas and methods • Personnel on a fast-track development
What Will the Learning Experience Include?
Comprehensive pre-program activities include:
Web-based information forms & surveys completed by attendee.
Direct consultation with the attendee about the expectations.
During the training, participants engage in data, activities, and conversations that lead to insight and knowledge.
Participants learn from expert trainers who have both academic and business experiences.
Highly applicable training content & instructive activities for adding depth to training topics.
**A half-day site visit for integrating the experience & plan next steps. Opportunities to provide connections, ideas & support.
Explore & Practice
Apply & sustain the learning experience by using this ongoing support:
To ensure participant has new skills or behavior progress.
Optional, fee-based mentoring & coaching with the trainer.
Training materials & additional documents (e-books, pdf files, presentations and articles)
Evaluate your training experience by giving us feedbacks and help us to reach our organizational goals.
Section One: Introducing the linkages between strategy and costing
• Managing contemporary organization • Strategic Plan, Budgeting, Costing and Management Control • Management Accounting for organizational control systems • Responsibility accounting and the process-view • The context for costing • The Budget and its role in achieving organizational targets • What is the situation in your organization?
Section Two: Cost analysis and classifications
• Cost terms and classification • Inventoriable vs. period costs • Manufacturing vs non-manufacturing costs • Variable vs. Fixed costs (CVP analysis) • Direct vs. indirect cost • Under-costing and Over-costing problems • Problems and Examples – Case study illustration Cost analysis and classifications • Cost terms and classification • Inventoriable vs. period costs • Manufacturing vs non-manufacturing costs • Variable vs. Fixed costs (CVP analysis) • Direct vs. indirect cost • Under-costing and Over-costing problems • Problems and ExVariable vs. Fixed costs (CVP analysisDirect vs. indirect cost • Under-costing and Over-costing
Section Three: From cost accounting to management control
• Cost allocation: traditional costing and activity-based costing (ABC) • From traditional budgeting to Activity-based budgeting (ABB) • Activity-based management • Decentralized organizations • Cost/Profit/Investment centers • Transfer-pricing issues • Problems and Examples – Case study illustration From cost accounting to management control • Cost allocation: traditional costing and activity-based costing (ABC) • From traditional budgeting to Activity-based budgeting (ABB) • Activity-based management • Decentralized organizations • Cost/Profit/Investment centers • Transfer-pricing issues • Problems and Examples – Case study illustration
Section Four: Flexible budgets and variance analysis
• The features of the budgetary control • Define the master budget and explain its major benefits to an organization • Describe the difference between a static budget and a flexible budget • Compute flexible-budget variances and sales-volume variances • Explain why standard costs are often used in variance analysis • Integrate continuous improvement into variance analysis • Case study, problems, and exercises
Section Five: Linking strategy to actions: Beyond costing
• Shortcomings of traditional approaches to measurement • The Balanced Scorecard: Linking Strategy to Performance Measurement • Financial perspective, Customer perspective • Internal Business Process perspective, Learning and growth perspective • Developing and adapting scorecard • Case study illustration