Day 1:
Foundations of Cost Management
Introduction to cost management principles and frameworks.
Understanding cost behavior and cost allocation techniques.
Overview of fixed, variable, and mixed costs in business operations.
Exploring the role of cost management in decision-making and strategy formulation.
Day 2:
Advanced Costing Techniques
Activity-Based Costing (ABC): Concepts, applications, and benefits.
Cost-Volume-Profit (CVP) analysis for strategic decision-making.
Standard costing and variance analysis for performance evaluation.
Using marginal costing for pricing and profitability decisions.
Day 3:
Profitability Analysis Frameworks
Introduction to profitability analysis: Key concepts and methodologies.
Analyzing profitability across products, services, and business units.
Identifying and addressing underperforming areas using financial data.
Benchmarking profitability metrics and aligning with industry standards.
Day 4:
Strategic Integration of Cost and Profitability Management
Linking cost management practices to organizational goals.
Developing financial strategies to enhance competitive positioning.
Utilizing digital tools and predictive analytics for advanced profitability analysis.
Case studies: Successful cost and profitability management initiatives.
Day 5:
Practical Applications and Continuous Improvement
Developing cost management action plans tailored to organizational needs.
Monitoring and evaluating cost management and profitability initiatives.
Creating a culture of continuous improvement in cost efficiency.
Final review and group discussions to solidify learning outcomes.
