Cost Management: Strategies for Business Decisions

At the end of this training seminar, you will learn to:
• Understand the Finance and Accounting jargon
• Learn Costing and Budgeting Terminologies used in business
• Determine full costs of outputs for the goods and services provided
• Master traditional techniques and recent best practices
• Link Finance and Operation for Budgeting Purposes and Strategy Execution
• Learn How to Build a Comprehensive Performance Measurement System

CONTENT
Management and Financial Accounting: Key Concepts and Terminologies
• Identify the Major Differences and Similarities between Financial and Managerial Accounting
• Understand the Role of Management Accountants in an Organization
• Linking Strategy to Planning and Costing
• The Key Role of Budgeting and Cost Control in Contemporary Organizations
• Towards a Cross-Functional Process-View of the Organization
• Understand Your Processes: Integrating Financial and Non-financial Aspects
• Understanding The Financial Statements
• Video, Examples & Discussions

Cost Analysis
• What is Costing?
• Cost Concepts and Terminology
• Different Costs for Different Purposes
• Fixed vs. Variable Costs: The Cost-Volume-Profit Analysis Model
• Contribution Margin Analysis
• Manufacturing vs. Non-manufacturing Costs
• Period vs. Product costs: Inventory Evaluation and Control
• Case Study

Traditional vs. Advanced Techniques in Cost-control
• Under-costing and Over-costing: The Consequences for Profitability
• How to refine a Costing System?
• Indirect vs. Direct Costs
• Traditional Cost Allocations Systems vs. Activity-Based Costing
• Cost Hierarchy & Cost Drivers
• Linking Resources, Activities and Management
• Introducing Activity-Based Budgeting and Management
• Video, Case Study and Examples

Budgeting: Flexible Budgets and Variance Analysis
• The Role of Budgeting
• Define the Master Budget and Explain Its Major Benefits to An Organization
• Describe the Difference between a Static Budget and a Flexible Budget
• Compute Flexible-budget Variances and Sales-volume Variances
• Discuss The Behavioral Implication of Budgeting
• The Budgeting Process in Your Organization: How to improve it?
• Which tools shall we use to complement Budgeting and Costing?
• Problems, Case Study and Exercises

Measuring Corporate Performance: The Balanced Scorecards and Six-Sigma
• Broadening Performance Measurement Systems
• The Key Role of Customer Satisfaction and Business Process Re-engineering
• Beyond Budgeting: Integrating Financial and Non-financial Issues
• Introducing The Balanced Scorecard
• The Key Perspectives
• Introducing The Strategy Maps
• Introducing Six-Sigma
• Video, Case Study and Examples

FOR WHOM:
Accountants, Auditors, Senior and Middle Level Financial Managers, Treasurers, Controllers and Directors/Managers or Treasury Operators.

Methodology
The training methodology integrates lectures, interactive discussions, collaborative group exercises, and illustrative examples. Participants will acquire a blend of theoretical insights and hands-on practical experience, emphasizing the application of learned techniques. This approach ensures that attendees return to their professional environments equipped with both the competence and self-assurance to effectively implement the acquired skills in their responsibilities.
DATE:
1ST BATCH: 27th – 30th May, 2025
2ND BATCH: 9th – 12th Dec, 2025