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L1: First-Line Management → L1: Finance and Admin.

Foundations in Cost Management (L1F02)


Description
COURSE OVERVIEW:

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 courses, you will learn about the basics principles of cost classification, costing methods and tools to apply in analyzing and reviewing the costs in your team or business unit. You will also learn a range of techniques to apply to reduce costs and improve profitability.

COURSE DETAILS

Suitable For: Business Owners and staff tasked with managing costs.
Course Duration: 10 to 16 Hours
Certification: Certificate of Attainment
Delivery: Online
Resources: Learners manual, cost analysis and planning templates, additional articles and worksheets.

Content
  • Cost Management 1 - Getting Started
  • Video - An Overview of Costs
  • Section 1: Understanding Costs
  • Cost Management 2 - Understanding costs
  • Coat Management 3 - Cost Centers and Cost Allocation
  • Video - Cost Centers and Profit Centers
  • Cost Management 4 - Classifying Costs
  • Understand Costs and Budgets - Quiz 1
  • Cost Management - Quiz 1
  • Section 2: Costing Methods
  • Cost Management 5 - Methods of Costing
  • Video - Job versus Process Costing
  • Cost Management 6 - Standard Costs
  • Video - Which Costs to use as Standard?
  • Cost Management 7 - Costs and Breakeven
  • Video - Break-even analysis explained
  • Cost Management 8 - Reducing Costs
  • Video - Ways to Reduce Business Operations Costs
  • Cost Management 9 - Wrapping-up
  • Cost Management - Quiz 2
  • Cost Management - Course Evaluation
Completion rules
  • All units must be completed
  • Leads to a certificate with a duration: Forever
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