EFFECTIVE COST CONTROL SYSTEM
Business is an organization dedicated to profit maximization, but for this to be realized, the cost must be effectively controlled, either in the short run and long run, respectively. Sometimes cost control requires the courage to experiment.
Course Fee
- Cutting Edge tuition, professionally delivered by our distinguished faculty members.
- Comprehensive Training Text
- Writing Materials
- Training Bag
- Tea/Coffee Break/lunch
- Group Photograph
- Training Certificate
- Branded T-Shirt and Cap
- A day study tour
Introduction To Topic
Business is an organization dedicated to profit maximization, but for this to be realized, the cost must be effectively controlled, either in the short run and long run, respectively. Sometimes cost control requires the courage to experiment. Many practices (costs) build up over time and you get used to a certain level of staffing or marketing expenses. They become the “norm” and you never know if you can do with less because you’ve never truly tried. Many expenses exist in part because their existing benefit is one part of an organization and their removal benefits another. One way to think of it is to search for the sweet spot on cost/benefit curve. Not the lowest cost but the cost that yields the greatest benefit.
Target Participant
Business Operations Managers, Company Directors, Policy Makers, Business Analysts,Finance officers,Account officers, Internal auditors, Shareholders and Stakeholders with key interest in the efficiency of an organization.
Why You Should Attend
Uncertainties in the global economy are making revenue maintenance increasingly difficult. In a competitive market with virtually no price advantage, the only way to succeed and survive is by managing your costs. However cost management brings with it a trap wherein the finance and business managers fail to identify the costs that can be controlled without harming the bottom line. This course will take you through a journey of developing an in-depth understanding of the components and behaviour of cost leading to introduction of contemporary tools of deciding on achievable cost reduction targets.
At the end of the training, participants will:
- Be able to evaluate the short- and long-term business benefits of company-wide goal setting.
- Learn the keys to robust and effective organizational office management
Course Content
- Cost management and Strategic Decisions
- Components of Cost
- Cost Behavior and Relevance to Business Objective
- Cost Accumulation And Reporting
- Cost Accumulation Methods
- Cost Reports and Decision Making.
- Control And Management.
- Managing Cost of Capital
- Budgets and Standards
- Budgeting – Tools and Techniques
- Balanced Scorecard
- Identifying Cost Reduction Targets
- Decision tree and the Critical Path Method
- Designing a Decision Dashboard