Why Choose this Training Course?
Cost Management and Leadership is a crucial aspect in leading and managing organizations. Organizations are encouraged to think, plan and act in terms of value added to customers and shareholders.
Nowadays, if contemporary organizations want to stay competitive, they're encouraged to think, plan and act in terms of value added to customers and shareholders.
In addressing these issues, this Cost Management and Leadership training course is applicable for those professionals and analysts facing the difficult challenge of perfecting performance while reducing costs of those processes for which they are responsible.
This course introduces the essential knowledge and cost management skills in Accounting and Finance that you will need as a finance professional. The training course conveys an overview of how to evaluate the financial situation and make the right decisions required for a sustainable organization.
This AZTech training course will feature:
- The management system in practice
- Budgeting practices
- Traditional and innovative tools for budgeting and cost control
- Multiple cost analysis for different purposes
- KPIs and the Balanced Scorecard
What are the Goals?
By the end of this AZTech training course, participants will be able to:
- Master the budgeting process
- Understand costs behavior
- Explore traditional & innovative approaches to Budgeting & Cost Control
- Analyze process costing
- Manage Balanced Scorecard
Who is this Training Course for?
This AZTech training course is suitable to a wide range of professionals but will greatly benefit those with direct or indirect budget responsibilities within a Team, Department or Division. Moreover, the training course is suitable to first appointment professionals on fast-track development programs, and to professionals from every business discipline and department who have to run budgetary plans, and who are responsible for cost and strategic analysis, including:
- Financial Planning and Control Staff
- Those with direct or indirect financial responsibilities
- Those from every business discipline and department who have to run departments and budgetary plans, and who are responsible for cost and strategic analysis
- Those from all sectors of industry, irrespective of functional responsibilities, but particularly those involved in manufacturing, production, engineering or sales
- Those working in a project management environment
How will this Training Course be Presented?
This AZTech training course will utilize a variety of proven learning techniques to ensure maximum understanding. This training course combines theory and practice. Therefore, besides in-class lectures, discussions and exercises, we use company examples to illustrate how the techniques presented have been applied in real case studies.
The Course Content
Day One: The Strategic Dimension of Cost Management
- The key role of cost Management in contemporary organizations
- The 21st century business imperative: Delivering value added (but to whom?)
- The role of the strategic identity of the firm in shaping Financial and Cost management strategy
- Understand your processes: Integrating financial and non-financial aspects
- Examples and Discussion
Day Two: Cost Management and Analysis
- Cost Concepts and Terminology
- Different Costs for Different Purposes
- Fixed vs. Variable Costs
- Manufacturing vs. Non-manufacturing Costs
- Period vs. Product Costs: Inventory Evaluation and Control
- The Cost-Volume-Profit Analysis Model
- Contribution Margin Analysis
- Variance analysis
Day Three: Traditional vs. Advanced Techniques in Cost-control
- How to refine a Costing System?
- The consequences of Under-costing vs Over-costing
- Traditional Cost Allocations Systems
- Activity-Based Costing
- Cost Drivers: Linking Resources, Activities and Management
- Activity-Based Budgeting (ABB) and Management (ABM)
Day Four: Budgeting Process
- The key features of budgeting
- Accountability and centers of responsibility
- Budgeting and Its Behavioral Aspects
- Types of Budgeting: Pros and Cons
- Budget Management Process and Control
Day Five: Balanced scorecards and Six-sigma
- Broadening performance measurement systems
- Beyond budgeting: Integrating financial and non-financial issues
- Introducing the Balanced Scorecard
- Introducing the Strategy maps
- Introducing Six-sigma
- AZTech Certificate of Completion for delegates who attend and complete the training course