Cost Management: Strategies for Business Decisions

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  • Start Date

    27 May, 2020

  • End Date

    29 May, 2020

  • Price

    ₦175,000

  • WiFi

    Free wifi available

Event Details

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.

 

TRAINING METHODOLOGY

The training methodology combines lectures, discussions, group exercises and illustrations. Participants will gain both theoretical and practical knowledge of the topics. The emphasis is on the practical application of the topics and as a result participant will go back to the workplace with both the ability and the confidence to apply the techniques learned to their duties.

 

DATE:

1ST BATCH:       27th – 29th May, 2020

2ND BATCH:      26th – 28th October, 2020

Other Dates

Start Date End Date
27 May, 2020 29 May, 2020
Start Date End Date
26 Oct, 2020 28 Oct, 2020
  • Venue

    Alpha Partners Professional Training Conference Centre. 200, Muritala Mohammed Way (3rd Floor), Yaba Lagos.

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