Creating awareness and developing an insight into contemporary cost management practices

Learning activity based costing as a contemporary cost management tool

Developing participants' skills in applying concepts of activity based costing in their respective departments and responsibility areas

Enriching participants' understanding of financial and cost consequences of their decisions and actions on revenues, costs and cash flows of their respective organizations

Apprising participants about the latest in cost management including 'activity based management', 'life cycle costing', 'value chain analysis', 'cost of quality', 'kaizen', 'throughput accounting', 'back flush costing', 'target costing' etc.

Demonstrating that each participant, individually or in teams can contribute to the overall cost management with higher value creation for the company

Review of basic financial / costing terms and an overview of cost management issues

Basic fundamentals of costing, an overview of product cost, cost reduction initiatives, standard cost, target cost and benchmarking

Understanding concept of 'activity based costing', 'activity based management' and its strategic / operational role in transforming cost management and value creation process

Product costing models and 'product / customer profitability analysis' using 'activity based costing'

Learning 'relevant costing' for evaluating proposals of cost savings and decision making

Calculation of cost of key activities and VA-NVA analysis

Calculation of cost of some cost saving initiatives, measuring of estimated savings and deciding whether it is worth to go ahead with the proposal or not?

Understanding application of contemporary strategic cost management techniques including 'life cycle costing', 'value chain analysis', 'cost of quality', 'kaizen', 'throughput accounting', 'back flush costing', 'target costing', 'balanced score card' etc.

Application of contemporary financial management tools supporting cost management including Cash Management, Cycle Time Management, Working Capital Management, Capital Investment Decisions etc.

Recent trends in cost control, budgeting and cost reduction, etc.