Introduction to Cost Management

Introduction to Cost Management, available at $29.99, has an average rating of 4.35, with 11 lectures, based on 11 reviews, and has 360 subscribers.

You will learn about Introduction to cost management Basic cost management concepts Cost behaviour Activity – based costing Product and service costing – A process systems approach Product and service costing – Job order system Allocating costs of support department and joint products Budgeting for planning and control Standard costing – A functional based control function Decentralization – Responsibility accounting performance evaluation and transfer pricing This course is ideal for individuals who are Cost Accountants or Inventory managers or Project managers or Supervisors or Management Staff or Accountants It is particularly useful for Cost Accountants or Inventory managers or Project managers or Supervisors or Management Staff or Accountants.

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Summary

Title: Introduction to Cost Management

Price: $29.99

Average Rating: 4.35

Number of Lectures: 11

Number of Published Lectures: 11

Number of Curriculum Items: 11

Number of Published Curriculum Objects: 11

Original Price: $19.99

Quality Status: approved

Status: Live

What You Will Learn

Introduction to cost management

Basic cost management concepts

Cost behaviour

Activity – based costing

Product and service costing – A process systems approach

Product and service costing – Job order system

Allocating costs of support department and joint products

Budgeting for planning and control

Standard costing – A functional based control function

Decentralization – Responsibility accounting performance evaluation and transfer pricing

Who Should Attend

Cost Accountants

Inventory managers

Project managers

Supervisors

Management Staff

Accountants

Target Audiences

Cost Accountants

Inventory managers

Project managers

Supervisors

Management Staff

Accountants

Cost management is used both by manufacturing and service sectors. Efficient cost management helps those organizations in increasing resource, productivity and margins. Cost management system supports the organization in achieving its goals and objectives. A good cost management system provides data to managers in achieving short-term profitability and maintaining a competitive position in the long-term.

Companies always think of reducing their costs and improving the quality of their product/services. To be successful in the contemporary business environment, certain new cost management techniques were used.Activity based costing focuses mainly on the activities that are performed when creating a product – The costs are first traced to activities and then to products.

Benchmarking is a tool through which the success factors of other firms are known. It is also a technique of collecting information on cost standards/performance and process structures. Theory of constraints aims at finding out the bottlenecks involved in the production process and removes them. Theory of constraints explains that the activities that are performed other than strengthening the weakest link of the organization’s value chain will be a waste of time and effort.

Back flush costing redefines the point at which accounting transactions are made to alleviate raw material and work-in-process inventories. Balanced scorecard is one of the models which emphasizes the linkage of various types of important performance measurement system into a strategic bundle. It is the first systematic performance measurement system that renders an organization’s strategy into clear goals, measures, targets, and initiatives organized by key measures.

Course Curriculum

Chapter 1: Introduction

Lecture 1: Introduction

Lecture 2: Introduction to cost management

Lecture 3: Basic cost management concepts

Lecture 4: Cost behaviour

Lecture 5: Activity – based costing

Lecture 6: Product and service costing – A process systems approach

Lecture 7: Product and service costing – Job order system

Lecture 8: Allocating costs of support department and joint products

Lecture 9: Budgeting for planning and control

Lecture 10: Standard costing – A functional based control function

Lecture 11: Decentralization – Responsibility accounting performance evaluation and transfer

Instructors

Management Study Guide
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