Cost Analysis, Control and Optimization
Cost management is an important topic in accounting and finance as its effects stretch to all departments and impact the financial position of the organization. Cost management covers several cost concepts such as job and batch orders and absorption costing. The pinnacle of any cost management training is activity-based costing which helps in making better decisions. Among these decisions are whether to drop or keep a product, make or buy, and replace or keep a piece of equipment. Moreover, cost management includes allocating costs of service departments internally. Also covered in this course are cost estimations and transfer pricing. The course will close with evaluating performance and a brief discussion on the balanced scorecard and managing scarce resources.
Course Objectives
- Discover the importance of analyzing and managing costs
- Develop important tools for planning and decision making
- Explain Activity-Based Costing (ABC) and Activity-Based Management (ABM)
- Estimate costs and allocate them properly
- Evaluate and manage performance through strategic cost management