In developing the budgets for your department or your business, it is useful to have an understanding of the basics of costs and cost management. In this concise course, you will learn about the basic principles of cost classification, costing methods and tools to apply in analyzing and reviewing the costs in your team or business unit.
You will learn to interpret cost information in constructing budgets and evaluating variations from expectations and learn to reconcile cost measures for managerial decision making with cost measures used to prepare financial accounting reports.
You will also learn a range of techniques to apply to reduce costs and improve profitability.
- Suitable For: Business Owners and staff tasked with managing costs.
- Course Duration: 10 to 16 Hours
- Certification: Certificate of Attainment
- Access Duration: 90 days
- Delivery: Online
- Resources: Learners manual, cost analysis and planning templates, additional articles and worksheets.
This course comprises the following lessons:
Lesson 1 – Getting Started
Video – An Overview of Costs
SECTION 1: UNDERSTANDING COSTS
Lesson 2 – Understanding costs
Lesson 3 – Cost Centers and Cost Allocation
Video – Cost Centers and Profit Centers
Lesson 4 – Classifying Costs
Understand Costs and Budgets – Quiz 1
Cost Management – Quiz 1
SECTION 2: COSTING METHODS
Lesson 5 – Methods of Costing
Video – Job versus Process Costing
Lesson 6 – Standard Costs
Video – Which Costs to use as Standard?
Lesson 7 – Costs and Breakeven
Video – Break-even analysis explained
Lesson 8 – Reducing Costs
Video – Ways to Reduce Business Operations Costs
Lesson 9 – Wrapping-up
Cost Management – Quiz 2
Cost Management – Course Evaluation
CERTIFICATION: DOWNLOAD YOUR CPD CERTIFICATE ON COMPLETION