Certificate in Cost Analysis, Control and Optimization - Virtual Learning - Meirc

Certificate in Cost Analysis, Control and Optimization - Virtual Learning

Why Attend

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

By the end of the course, participants will be able to:

  • 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

Target Audience

Financial managers or directors, accountants, financial assistants, budget accountants, analysts, budget and planning managers and coordinators, operations managers, facilities managers and professionals interested in cost management.

Target Competencies

  • Distinguishing relevant costs
  • Analyzing costs
  • Allocating costs
  • Calculating product costs using different methods
  • Assessing value adding costs
  • Choosing between cost alternatives
  • Advising management to buy or manufacture
  • Evaluating performance
  • Strategic need for analyzing and managing costs
    • Definition of cost management
    • Dimensions of cost management
    • Product costing systems: concepts and design issues
    • Cost behavior, types and hierarchy
    • Cost accumulation job shop
    • Batch production operations
    • Variable versus absorption costing
  • Cost management decisions
    • Decision making process
    • Identifying relevant costs
    • Evaluating alternatives
    • Outsourcing decisions : make or buy
    • Add or drop product or business line
    • Replacing equipment
    • Special order pricing decisions
  • Activity based management
    • ABC systems
    • Analyzing value added versus non value added activities
    • Activity-based management
    • Managing customer profitability
    • Managing quality and time to create value
  • Cost estimation and transfer pricing
    • Cost estimation techniques
      • Identifying and choosing a cost driver
      • Simple regression analysis
      • Multiple regression analysis
      • High-low method
      • Applications in Microsoft Excel
    • Allocating costs of support departments
      • Direct method
      • Step method
      • Reciprocal method
    • Inter-group transfer pricing issues
  • Evaluating and managing performance
    • Cost, volume, profit analysis
    • Breakeven point
    • Breakeven point for multiple products
    • Target income
    • Operating leverage
    • Margin of safety
    • Managing scarce resources
    • Flexible budget
    • Activity-based budgeting
    • Strategy, balanced scorecards and performance measurement

Meirc Professional Certificate (MPC)

MPC certified courses by Meirc Training and Consulting are designed for those willing to challenge themselves and go the extra distance. Participants who fully attend an MPC course and successfully complete the test on the last day, will receive a Meirc Professional Certificate (MPC), in addition to the one they receive for attendance. MPC certificates are regionally recognized and can be quite valuable when applying for more senior roles within the organization or outside.

MPC
Per participant

USD 2,350

Fees + VAT as applicable

Tax Registration Number : 100239834300003

Online Training