Cost Analysis to Support Strategic Decisions by Golden Masters for Training & Consultancy | Coursetakers.ae
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Cost Analysis to Support Strategic Decisions

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Cost control is one of the most widely used tool for planning and monitoring organizational activities, as well as to support future strategic decision. Importantly, cost analysis is inextricably linked with strategy formulation, the budgetary process and performance management.

AED 17000
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5 days

Course Details

Course Description 

- Cost control is one of the most widely used tool for planning and monitoring organizational activities, as well as to support future strategic decision. Importantly, cost analysis is inextricably 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 training session will allow you to explore 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

- advanced costing and management techniques (ABC, ABB, ABM, target costing)

- overhead cost allocation & reduction

- the balanced scorecard construction and implementation

Course Objective:

·         Enhance cost awareness and its relationship with strategy. 

·         Describe specific cost analysis and performance measurement techniques

·         Select the costing measurement system that works

·         Select the systems of performance measurement that works

·         Discuss real case studies

·         From cost to strategy to performance measurement

·         Broadening the management accounting knowledge

·         Deliver more timely and useful information to decision makers

·         Identify & manage key financial and non-financial indicators for the business    

Course Certificate:

MASTERS Certificate will be issued to all attendees upon course completion.

Course Outline:

Day 1 - Introducing the linkages between strategy and costing

·         Managing contemporary organization

·         Strategic Plan, Budgeting, Costing and Management Control

·         Management accounting for organizational control systems

·         Responsibility accounting and the process-view

·         The context for costing

·         The Budget and its role for achieving organizational targets

·         What is it the situation in your organisation?

Day 2 - Cost analysis and classifications

·         Cost terms and classification

·         Inventoriable vs. period costs

·         Manufacturing vs non-manufacturing costs

·         Variable vs. Fixed costs (CVP analysis)

·         Direct vs. indirect cost

·         Under-costing and Over-costing problems

·         Problems and Examples - Case study illustration

Day 3 - From cost accounting to management control

·         Cost allocation: traditional costing and activity-based costing (ABC)

·         From traditional budgeting to Activity-based budgeting (ABB)

·         Activity-based management

·         Decentralized organizations

·         Cost/Profit/Investment centers

·         Transfer-pricing issues

·         Problems and Examples - Case study illustration

Day 4 - Flexible budgets and variance analysis

·         The features of budgetary control

·         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

·         Explain why standard costs are often used in variance analysis

·         Integrate continuous improvement into variance analysis

·         Case study, problems and exercises

Day 5 - Linking strategy to actions: Beyond costing

·         Shortcomings of traditional approaches to measurement

·         The Balanced Scorecard: linking Strategy to Performance Measurement

·         Financial perspective, Customer perspective

·         Internal Business Process perspective, Learning and growth perspective

·         Developing and adapting scorecard

·         Case study illustration
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Masters Training Company was established in response to the growing need for quality training to support the business community within your Company, Department or Organization by providing a high standard of Training Programs, Courses, Seminars, Workshops and Consultancy Services to employees in a very competitive business environment. 

 
Following the latest trends and ideas in Technology and Management techniques, and with its in-depth knowledge of the business environment, Masters Training Company is able to meet the special requirements of both local and international business throughout the Middle East. Masters Training & Consulting is an independent multinational firm with more than 25 years of experience in helping regional organizations develop their human capital in all fields of management. 
 
Since 1990, we have been entrusted by our clients to provide the most reliable training and consulting products and services in the region. Our innovative and diversified range of training programs and consulting services are designed and delivered by an ever-growing team of full time multilingual consultants experienced in providing solutions relevant to this part of the world and applicable to today’s business challenges.
 
We pride ourselves on our track record in this regard and on our long-standing relationships with our clients, many of whom have been with us since we started business. 
 
 
Our public training programs have attracted more than 300,000 participants from almost 3,000 organizations many of whom also entrust us with their needs for bespoke in-company programs. Our client base is steadily growing and so is our commitment to remain the regional leaders in the fields of training and consulting.

Masters is also an approved vendor from KHDA & ILM

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  • Sheikh Zayed Road Branch

    Kherbash Tower, Office # 1803 & 1804, Sheikh Zayed Road, Dubai
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