Cost Analysis to Support Strategic Decisions
September 18 – September 22\ 2023 : London
October 16 – October 20 \ 2023 : London
November 13 – November 17 \ 2023 : London
Introduction
Cost control is one of the most effective and essential tool for planning and monitoring organizational activities, as well as supporting future strategic decision.
Cost analysis is linked with strategy formulation, the budgetary process and performance management. It is crucial to interpret how costs behave so that realistic budgets and plans can be produced, and appropriate financial and non-financial resources can be made available to the business.
This IACT training course explores the traditional tools of cost analysis and control as well as new advanced approaches, which reflect and respond to the current complex business environment. In particular, you will learn:
The cause-and-effect relationship among business strategy, operational objectives, measures and targets, and systems of performance measurement and reporting
Traditional techniques of cost analysis and control compared to modern thought Advanced costing and management techniques (ABC, ABB, ABM, target costing Overhead cost allocation and reductio The balanced scorecard construction and implementation.
Objectives
By the end of this course, you should be able to:
Þ How to add value to the bottom line
Þ Enhance cost awareness and its relationship with strategy
Þ Describe specific cost analysis and performance measurement techniques
Þ Learning how to get from cost to strategy then to performance measurement
Þ Broadening the management accounting knowledge
Þ Deliver more timely and useful information to decision makers
Þ Identify and manage key financial and non-financial indicators for the business
Who should attend this Course?
Ü All business professionals and sectors of industry, irrespective of functional responsibilities, where personnel have to plan and cost, and who are responsible for strategic analysis
Ü Other professionals who would like to increase skills from having the opportunity to consider new ideas and methods
Ü Personnel on a fast-track development
Course Methodology
The course uses self-assessments and a wide mix of business cases that promote healthy discussions around the importance of managing multiple tasks, deadlines and priorities. Participants will benefit from role plays covering workplace challenges related to handling tasks, deadlines and priorities. They will learn how to deal with conflicts that may arise as a result. Interactive team exercises are also used with each team presenting their findings and comments.
Each module covers different aspects of using Game-Based Learning and Gamification in education. Coursework will incorporate
your existing knowledge and experience and provide helpful learning environment with a good mix of theoretical and practical knowledge. On all outlines will apply Skills for Game-Based Learning and Gamification and practiced in hands-on, collaborative way within an international group setting.
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
Outline
DAY 1:
Introducing the linkages between strategy and costing
Þ Managing contemporary organisation
Þ Strategic plan, budgeting, costing and management control
Þ Management accounting for organizational control systems
Þ Responsibility accounting and the process-view
Þ The context for costing
Þ The budget and its role for achieving organizational targets
Þ What is it the situation in your organisation?
DAY 2:
Cost analysis and classifications
Þ Cost Terms and Classification
Þ Inventoriable vs. Period costs
Þ Manufacturing vs. Non-manufacturing costs
Þ Variable vs. Fixed costs (CVP Analysis)
Þ Direct vs. Indirect cost
Þ Under-Costing and Over - costing problems
Þ Problems and Examples – Case study Illustration
DAY 3:
From cost accounting to management control
Þ Cost Allocation: traditional costing and activity-based costing (ABC)
Þ From Traditional Budgeting to Activity - based budgeting (ABB)
Þ Activity-Based Management
Þ Decentralized Organizations
Þ Cost / Profit / Investment Centres
Þ Transfer-Pricing Issues
Þ Problems and Examples – Case study illustration
DAY 4 :
Flexible budgets and variance analysis
Þ The features of budgetary control
Þ Define the master budget and explain its major benefits to an organization
Þ Describe the difference between a static budget and a flexible budget
Þ Compute flexible-budget variances and sales-volume variances
Þ Explain why standard costs are often used in variance analysis
Þ Integrate continuous improvement into variance analysis
Þ Case study, problems and exercises
DAY 5
Linking strategy to actions: Beyond costing
Þ Shortcomings of Traditional approaches to Measurement
Þ The Balanced Scorecard: linking Strategy to Performance Measurement
Þ Financial Perspective, Customer Perspective
Þ Internal Business Process Perspective, Learning and Growth Perspective
Þ Developing and Adapting Scorecard
Þ Case Study Illustration
Fees:
The Fee for the seminar, including instruction materials, documentation, lunch, coffee/tea breaks & snack is:
5.250 USD$
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