2 days workshop
INTRODUCTION
Cost control is one of the most effective and essential tool for planning and monitoring organizational activities, as well as supporting future strategic decision. Cost analysis is linked with strategy formulation, the budgetary process and performance management. It is crucial to interpret how costs behave so that realistic budgets and plans can be produced, and appropriate financial and non-financial resources can be made available to the business.
Real-current problematic costing cases will be analyzed and scenario solutions will be provided under the guidance of Dr. Steven Liew.
How Will You Benefit
Upon completion of this programmer, the participants will be able to Understand
What is Standard Costing and why it is use.
Know how to formulate and set Standard Costs
Variance analysis for Material, Labor and Overhead Costs
Identify methods to improve positive variances/ reduce negative variances
Understand the use of Standards in Budgets
How to add value to the bottom line
Enhance cost awareness and its relationship with strategy
Learning how to get from cost to strategy then to performance measurement
Broadening the management accounting knowledge
Deliver more timely and useful information to decision makers
Identify and manage key financial and non-financial indicators for the business
METHODOLOGY
Case Study, video & Group Discussion. Real-current problematic costing cases will be analyzed and scenario solutions will be discussed within the workshop
Who Should Attend?
This program is suitable for Accountants, finance/costing executives, accounting managers, cost accountants, cost analysts, budget analysts, non-financial managers especially operational managers, costing executives.
Special Feature: NOTE: Please bring laptop along
PROGRAMME OUTLINE
Key Contents
Day 1
Module 1: Standard Costing and Variance Analysis
Understand Why Standards Are Used
Understand What Is Included in Each Standard
Understand When Standards Should Be Changed
Understand What Happens When Standards Are Changed
Understand the Process of Variance Analysis for Material, Labor, and Overhead Variances
Module 2: Setting the standard
Understanding Ideal Standards and Practical Standards
Detailed look on how Standards are Formulated and set Using Various Methods.
Bill of Materials and Standard Costs Setting
Module 3: Practical Cost Control
Material
Labor
Overhead
Module 4: Material & Labor Variance Analysis
Understand Material Price Variance and how to Computer.
Understand Material Usage Variance
Material Rejects and Costing into Product Standard Cost
Investigation and Improvement into Material Related Variances
Computation of Labor Wages Variance
Computation of Labor Rate Variance
Incorporation of Labor Variances into Product Standard Cost
Improving Labor Related Variances
Day 2
Module 5: Profit Planning and Activity-Based Budgeting (Interactive case study)
Operational Budget
Financial Budget
Module 6: Successful Case Study: Cost Control
Target: RM 25 MIL COST REDUCTION per yr.
How do you approach it?
Module 7: Cost Analysis for Pricing Decisions
Major Influences on Pricing Decisions
Cost-Plus Pricing
Determining the Markup: Return-on-Investment Pricing
Strategic Pricing of New Products
Module 8: Target Costing
Target Costing
Value Engineering and Target Costing
Competitive Bidding
Methodology
This stimulating program will maximizes the understanding and learning through lecture, discussion, case studies and practical activities