Course Overview

What is Cost Management?

Cost Management is the application of management accounting concepts, methods of collections, analysis and presentation of data to provide the information needed to plan, monitor and control costs.

Why you should attend the Cost Management Certification Course?

In the present economic scenario attaining cost leadership is necessary to achieve a competitive advantage in the industry in which an entity operates. The Cost Leadership can be achieved only if an entity has a robust Cost management system in place.

This Zoe training course will empower you in applying the principles of Cost Management in your organization to attain Cost Leadership in the industry which you operate.

Course Objectives

The objective of this training is to help you in developing your knowledge and understanding of Cost Management Principles.

By the end of this training you will learn to:

• Differentiate the traditional and modern cost management techniques
• Understand various product pricing strategies
• Apply the cost management techniques for strategic decision making
• Apply the performance evaluation techniques by linking the critical success factors with the key performance indicator

Training Methodology

Zoe Talent Solutions assesses the needs of the training audience and their professional backgrounds, experience and thereafter customises the training course accordingly. The classroom sessions are facilitated with presentations by a highly experienced subject matter expert.

Participation is encouraged through group discussions, problem-solving exercises, practicing on accounting statements, group activities, etc. Participants are also encouraged to share their experiences, issues, concerns and best practices from their respective organisations, these are well facilitated to meet the training objective of this course.

Zoe Talent Solution follows the Do–Review–Learn–Apply Model to make every course successful.

Organisational Benefits

Organisations who register their professionals to attend this course will get the following benefits:

• Increase Profitability through cost reduction for competitive advantage and strategic positioning
• Get control on the overall business cost
• Create Cost Management System to predict future expenses, costs, risk of going over the budget and work towards expected revenues accordingly
• Proper recording and presentation of cost data for the management to measure efficiency and for cost control and reduction

Personal Benefits

Participants who register in this Cost Management Certification Course will have the following benefits:

• Achieve Leadership in Cost Management
• Gain deeper insights into reducing cost and establishing cost controls
• Increase your performance in Estimate, Budget and Cost Control
• Act as a catalyst in taking important measures to manage costs in the most professional and competent way

Who should attend?

• Financial controllers, finance managers, financial systems analysts, senior accountants, financial accountants, management accountants, general ledger accountants, assistant accountants, accounts receivable accountants, accounts payable accountants, payroll accountants
• Management and Decision-makers who rely on timely and accurate financial information
• Chief Financial Officers (CFOs), finance directors and strategic planners

Course Outline

Module 1 – Introduction to Cost Management

• Cost Management Concept
• Traditional Cost Management
• Modern Cost Management
• Benefits of Modern Cost Management

Module 2 – Traditional Cost Management

• Product Cost Management
• Material Cost
• Employee Cost
• Overheard
• Job Costing
• Batch Costing
• Unit Costing
• Process Costing
• Limitations of Traditional Cost Management

Module 3 – Modern Business Environment

• Characteristics of Modern Business Environment
• Business Excellence Model
• Total Quality Management
• Supply Chain Management
• Business Process Reengineering
• Outsourcing
• Just-in-time
• Six Sigma Techniques

Module 4 – Modern Cost Management Techniques

• Cost Reduction
• Cost Control
• Target Costing
• Value Engineering
• Pareto Analysis
• Life Cycle Costing

Module 5 – Decision Making

• CVP Analysis
• Activity-Based Costing
• Theory and Principles of Product Pricing
• Sensitivity Analysis
• Pricing Strategies

Module 6 – Performance Evaluation

• Responsibility Accounting
• Critical Success Factors
• Key Performance Indicators
• Balanced Scorecard
• Performance Pyramid
• Building Block Model

Module 7 – Cost Control and Analysis

• Marginal Costing
• Contribution Margin
• Break-even analysis
• Margin of Safety
• Product/service cost under Marginal Costing
• Standard Costing
• Setting up of Standards
• Types of Standards
• Cost Variance
• Integration of Standard Costing with Marginal Costing

Module 8 – Budgets and Budgetary Control

• Introduction to Budgeting
• Budget setting process
• Flexible Budgets
• Functional Budgets
• Cash Budget
• Master Budget
• Zero Based Budgets
• Performance Budgets
• Behavioral Aspects
• Beyond Budgeting