Cost Account and Strategic Cost Management

Program Overview

The Cost Accounting and Strategic Cost Management is an executive course that would help business leaders of various industries to improve their cost management decision-making and optimize resource allocation in their respective organizations. The program is designed to meet the diverse needs of business leaders navigating diverse environments.

This program equips participants with actionable insights and practical strategies to drive financial efficiency, foster innovation, and ensure a competitive edge in the global marketplace. This course covers the fundamental concepts and applications of cost accounting, equipping executives with essential tools to manage and control costs effectively in dynamic business environments, delve into advanced costing techniques and the application of lean principles for cost efficiency, and integrate strategic cost management with decision-making tools to achieve financial and operational excellence.

Details

Program Objectives:

• Understand the core concepts of cost accounting, including cost classifications and behavior. Explore the importance of accurate cost allocation and control mechanisms. Learn to use cost data for effective managerial decision-making.
• Master activity-based costing (ABC) to allocate costs precisely. Identify cost drivers and improve resource
  allocation. Implement lean principles to eliminate waste and enhance operational efficiency.
• Analyze relevant costs and revenues for effective decision-making. Apply life cycle costing to long-term financial planning. Use benchmarking and performance metrics for competitive advantage.