Course Outline:
- Understanding cost concepts (Traditional cost, Life cycle cost, Total cost of ownership, Activity-based cost, Target cost, Cost of quality)
- Understanding cost issues (Cost accounting principles, Time value of money, Transaction cost)
- Applying analytical tools; Traditional cost and price analysis; Activity-based costing; Value analysis
- Identifying cost drivers; Systems and strategies
- Process mapping to uncover drivers and remove time
- Creative paths to reducing or removing cost: Outsourcing; Networking; Long-term contracts
- Applying concepts to supplier relationships; Strategic cost containment
- Cost management goal setting
What will you learn:
Techniques of estimating, planning and cost control for the various stages of an industrial project
Who will be benefited:
Purchasing and supply management professionals, engineers, financial assistants, managers or directors, accountants, budget and planning managers and coordinators, operations managers, professionals interested in cost management.
Learn by doing:
- How to apply knowledge of basic economics to make better pricing decisions
- How to calculate three types of price elasticities to determine the impact of price on demand
- How to recognize opportunities for price discrimination and recommend strategies to maximize sales and profits
