Strategic Management and Strategic Cost Management In 21st Century Business Environment

Strategic Management and Strategic Cost Management In 21st Century Business Environment

Objectives

  • Cost management and Strategy
  • Implementing Strategy
  • Basic Cost and Cost Analysis
  • Cost Bahaviour and Cost Estimation
  • Different Approaches to Costing (Standard Costing, Activity-Based Costing, …)
  • Cost Planning and Budgeting
  • Strategic Performance Measurement
  • Decision Making with Relevance Costs and a Strategic Emphasis

 

Who Should Attend

  • Managers with direct financial responsibilities
  • Cost and management accountant
  • Financial planners and cost analysts
  • Senior managers who supervise people with financial responsibilities
  • Financial and budget controllers who are moving to wider responsibilities
  • Managers who need to know more about business planning, budgeting, costing terms and techniques.
  • Managers who have to plan, cost and budget new business ventures.
  • Managers and Supervisors from every business discipline and department who have to run departments and plan, cost and budget during their business lives.
  • First appointment managers on fast-track development programmes
  • Managers who require a refresher programme on the topic or who would benefit from having an opportunity to consider new ideas and methods.

 

 

course summary 

  • Case studies from different industries will be investigated. Each delegate will receive an extensive reference manual, as well as case studies, while worked out solutions will be handed out to the delegates on conclusion of group discussions.                                                                  
  • To ensure the concepts introduced during the course are understood, they will be reinforced through a mix of learning methods, including lecture style presentation, open discussion, case studies, simulations and group work.

 Outline

 

Cost management and Strategy; with a review of key cost concepts

  • The use of cost management information
  • The issue of “costing”
  • Creating cost-aware organizations
  • Review of some key cost concepts
  • Product vs. Period costs
  • Direct and Indirect Costs
  • Cost behavior: Fixed and Variable Costs
  • Problems and Examples

Different Approaches to Costing (Traditional Costing Method Vs Activity Costing Method)

  • Absorption (Full) vs. Variable costing
  • Under-costing and over-costing: the consequences for profitability
  • How to refine a costing system?
  • Activity-based costing (ABC) and cost-management
  • Cost hierarchy & Cost drivers
  • Linking resources, activities and management
  • Introducing Activity-based management (ABM)
  • Linkages between ABM and ABC – monitoring value creation
  • Problems, Case Study and Examples

Different Approached to Budgeting – Advances in Planning and Control

  • Fixed and flexed budget (static and flexible budget)
  • Rolling budget
  • Zero based budgeting
  • Activity based budgeting
  • Master budget
  • From costing to budget: interpreting variances (variance analysis)
  • Integrate continuous improvement into variance analysis.
  • Problems, Case Study and Exercises

 

Cost Planning and Pricing Decisions: Life-Cycle-Costing, Target costing and Target Pricing

  • Linking process development to costing
  • Target costing, target pricing and its implications
  • The three major influences on pricing decisions
  • Distinguish between cost incurrence and locked-in costs
  • Cost plus approach to pricing
  • Life cycle product budgeting and costing to assist in pricing decison
  • Problems, Case study and Examples

Control Systems and Performance Measurement - Advances in Performance Measurement

  • Financial and non-financial measures of performance
  • Design an accounting-based performance measure
  • Understand ROI, RI and EVA
  • Strategic performance measurement: Balanced scorecared
  • New role for managers and management accountants in designing incentive systems
  • Case, problems and examples

Certificates

A Certificate of Completion will be issued to those who attend & successfully complete the programme.

Schedule

  08:30 – 10:15 First Session

 10:15 – 10:30 Coffee Break

10:30 – 12:15 Second Session

 12:15 – 12:30 Coffee Break

12:30 – 14:00 Third Session

 14:00 – 15:00 Lunch

 

Training Methodology:

This interactive training course includes the following training methodologies as a percentage of the total tuition hours:

  • 30% Lectures, Concepts, Role Play
  • 30% Workshops & Work Presentations, Techniques
  • 20% Based on Case Studies & Practical Exercises
  • 20% Videos, Software & General Discussions
  • Pre and Post Test

Fees

 The Fee for the seminar, including instruction materials, documentation, lunch, coffee/tea breaks & snack is: