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:
- Understand the concept of cost management
- know the four major steps of cost management
- Understand the key components of cost management plan
- know how to Measure Project Performance With Cost Management KPIs
- learn how to control costs
- Understand Costing Techniques and also Determine How to Account for Project Costs.
- Understand the difference and application of Cost Management vs. Strategic Cost Management.
Course Curriculum
SECTION 1: INTRODUCTION TO COST MANAGEMENT
1
Understanding Cost Management
2
Techniques of Effective Cost Management Process in Business
3
Specific Benefit of Cost Management
4
Quiz
SECTION 2: MAJOR STEPS IN COST MANAGEMENT
1
Introduction to Steps in Cost accounting
2
Step 1: Resource Planning
3
Step 2: Cost Estimating
4
Step 3: Cost Budgeting
5
Step 4: Cost Control
6
Step 5: Project Benchmarking
7
Quiz
SECTION 3: CATEGORIES OF COST MANAGEMENT AND CM TECHNIQUES
1
Introduction
2
Job Costing
3
Activity- Based Costing
4
Process Costing
5
Quiz
SECTION 4: KEY COMPONENTS OF COST MANAGEMENT PLAN
1
Introduction
2
Cost Variance Plan
3
Cost Management Approach
4
Project Budget
5
Cost Estimation
6
Cost Control and Reporting Process
7
Cost Baseline
8
Change Control Process
9
Quiz
SECTION 1: INTRODUCTION TO COST MANAGEMENT
SECTION 2: MAJOR STEPS IN COST MANAGEMENT
SECTION 3: CATEGORIES OF COST MANAGEMENT AND CM TECHNIQUES
SECTION 4: KEY COMPONENTS OF COST MANAGEMENT PLAN
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