https://www.udemy.com/course/introduction-to-cost-management

By properly managing the cost, a company will be able to control the prices and also earn good profit

What you'll 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

Requirements:

No prior knowledge is required

Description:

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.Who this course is for:Cost AccountantsInventory managersProject managersSupervisorsManagement StaffAccountants

Who this course is for:

Cost Accountants

Inventory managers

Project managers

Supervisors

Management Staff

Accountants