Cost management

Managing the cost involved in the production and delivery of your product or service to your client is one of the best ways to optimize for productivity and maximization of profit. To do this requires your ability to monitor and control the processes involved in the whole business cycle. Ever wondered why your ROI is not meeting up with your expectations and why your numbers don’t add up nor look good at the end of the year?

The answers to these questions lie in the managerial accounting skills of cost management that you lack.

The process of finding the right project and carrying it out in the right is the most effective way of managing the cost involved in your business. This involves tasks such as preparing; forecasting, budgeting, investing, financing, managing, monitoring, and benchmarking costs so that the project can be completed in time and the approved budget and performance of the project could be improved in time.

 

Managing the process involved in the development of project can be very confusing when you don’t understand the process involved. One of the responsibilities of the Chief Financial officer is to ensure that the company employs the best cost management systems to improve profitability. To do this you need to understand the process.

In this course you will learn in the simplest of terms the concepts and key definitions that are essential for effective in cost management application. But most importantly you shall learn the principles that you can apply in your business to properly map the whole process so as to effectively manage the cost, budgeting and efficient management of your business.

This course is therefore designed to help you understand, properly plan and apply the limited resources in your company or business, it will help you understand how to estimate the cost of a project before, during and after its execution, so as to help you budget the costs involved in every phase of the production chain, which will give you the ability to estimate and control the whole process.

And so at the end of this course you should be able to:

  1. Understand the concept of cost management
  2. know the four major steps of cost management
  3. Understand the key components of cost management plan
  4. know how to Measure Project Performance With Cost Management KPIs
  5. learn how to control costs
  6. Understand Costing Techniques and also Determine How to Account for Project Costs.
  7. Understand the difference and application of Cost Management vs. Strategic Cost Management.

Course Curriculum

SECTION 1: INTRODUCTION TO COST MANAGEMENT

1
Understanding Cost Management
Self-Paced
2
Techniques of Effective Cost Management Process in Business
Self-Paced
3
Specific Benefit of Cost Management
Self-Paced
4
Quiz
5 questions

SECTION 2: MAJOR STEPS IN COST MANAGEMENT

1
Introduction to Steps in Cost accounting
Self-Paced
2
Step 1: Resource Planning
Self-Paced
3
Step 2: Cost Estimating
Self-Paced
4
Step 3: Cost Budgeting
Self-Paced
5
Step 4: Cost Control
Self-Paced
6
Step 5: Project Benchmarking
Self-Paced
7
Quiz
5 questions

SECTION 3: CATEGORIES OF COST MANAGEMENT AND CM TECHNIQUES

1
Introduction
Self-Paced
2
Job Costing
Self-Paced
3
Activity- Based Costing
Self-Paced
4
Process Costing
Self-Paced
5
Quiz
4 questions

SECTION 4: KEY COMPONENTS OF COST MANAGEMENT PLAN

1
Introduction
Self-Paced
2
Cost Variance Plan
Self-Paced
3
Cost Management Approach
Self-Paced
4
Project Budget
Self-Paced
5
Cost Estimation
Self-Paced
6
Cost Control and Reporting Process
Self-Paced
7
Cost Baseline
Self-Paced
8
Change Control Process
Self-Paced
9
Quiz
5 questions

Certification

Coursepedia Demo Certificate
Showcase your achievements with a Valuable Certificate. Your certificate is the official recognition for your Learning achievements on Coursepedia. This is optional, but highly recommended after course completion. Verified Certificates issued by Coursepedia can differentiate you against competitions and also establishes you as a continuous learner anyday, anytime. Employers are always looking for people who never want to stop learning.

SECTION 1: INTRODUCTION TO COST MANAGEMENT

1
Understanding Cost Management
Self-Paced
2
Techniques of Effective Cost Management Process in Business
Self-Paced
3
Specific Benefit of Cost Management
Self-Paced
4
Quiz
5 questions

SECTION 2: MAJOR STEPS IN COST MANAGEMENT

1
Introduction to Steps in Cost accounting
Self-Paced
2
Step 1: Resource Planning
Self-Paced
3
Step 2: Cost Estimating
Self-Paced
4
Step 3: Cost Budgeting
Self-Paced
5
Step 4: Cost Control
Self-Paced
6
Step 5: Project Benchmarking
Self-Paced
7
Quiz
5 questions

SECTION 3: CATEGORIES OF COST MANAGEMENT AND CM TECHNIQUES

1
Introduction
Self-Paced
2
Job Costing
Self-Paced
3
Activity- Based Costing
Self-Paced
4
Process Costing
Self-Paced
5
Quiz
4 questions

SECTION 4: KEY COMPONENTS OF COST MANAGEMENT PLAN

1
Introduction
Self-Paced
2
Cost Variance Plan
Self-Paced
3
Cost Management Approach
Self-Paced
4
Project Budget
Self-Paced
5
Cost Estimation
Self-Paced
6
Cost Control and Reporting Process
Self-Paced
7
Cost Baseline
Self-Paced
8
Change Control Process
Self-Paced
9
Quiz
5 questions
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