Cutting Edge Cost Management Strategies

Course overview

Cost management: what is it?

It is possible to plan, monitor, and control expenses by using cost management to use management accounting ideas, techniques of data collecting, analysis, and presentation.

Why should you sign up for the cost management certification program?

Achieving cost leadership in the current economic climate is essential for gaining a competitive edge in the sector in which a business competes. Only when an enterprise has a strong cost management system in place can it attain cost leadership.

You will get the skills necessary to use cost management ideas in your company and become a cost leader in the sector in which you work as a result of taking this Training Bee training course.

Introduction

With the information and abilities they need to flourish at cost management within the framework of project management, professionals like you will leave this thorough course with those qualities. Effective cost management is a critical component of project success in today’s changing business world, and this course will give you the skills you need to confidently negotiate the challenges of project finances.

You will examine the foundational ideas, rules, and methods of cost management during this course. You will obtain a thorough grasp of how to efficiently manage project costs, make the most of financial resources, and provide the required project outcomes. This will include accurate cost estimation, budget preparation, proactive cost control, and monitoring.

We are The Training Bee, a global training and education firm providing services in many countries. We are specialized in capacity building and talent development solutions for individuals and organizations, with our highly customized programs and training sessions.

Learning Objectives

Upon completing Cutting Edge Cost Management Strategies, participants will be able to:

Distinguish between conventional and current cost management methods.
Recognize different product pricing techniques
Utilize cost management strategies while making strategic decisions.
Link the main performance indicator to the major success elements when using performance evaluation tools.

Our Unique Training Methodology

This interactive course comprises the following training methods:

Role-playing – Participants will take part in several roleplays and understand practical ways of solving issues.
Journaling – This consists of setting a timer and letting your thoughts flow, unedited and unscripted recording events, ideas, and thoughts over a while, related to the topic.
Social learning – Information and expertise exchanged amongst peers via computer-based technologies and interactive conversations including Blogging, instant messaging, and forums for debate in groups.
Project-based learning
Mind mapping and brainstorming – A session will be carried out between participants to uncover unique ideas, thoughts, and opinions having a quality discussion.
Interactive sessions – The course will use informative lectures to introduce key concepts and theories related to the topic.

Training Medium

This Cutting Edge Cost Management Strategies training is designed in a way that it can be delivered face-to-face and virtually.

Course Duration

This training is versatile in its delivery. The training can be delivered as a full-fledged 40-hour training program or a 15- hour’s crash course covering 5 hours of content each day over 3 days

Pre-course Assessment

Before you enroll in this course all we wanted to know is your exact mindset and your way of thinking.
For that, we have designed this questionnaire attached below.

Describe what cost management is and how important it is to project management.
What constitutes a project’s primary elements of cost management?
Describe the distinction between direct and indirect expenses using examples from each category.
Explain the idea of cost estimating and the different methods employed in project cost estimation.
What does a project management cost baseline serve?
Talk about the idea of earned value management (EVM) and how it affects project cost management.
In earned value management, how are the cost variance (CV) and schedule variance (SV) determined?

Course Modules

This Cutting Edge Cost Management Strategies covers the following topics for understanding the essentials of the Agile Workplace:

Module 1 – Overview of Cost Management

Concept of Cost Management
Current Cost Management
Present-day Cost Management

Module 2 – Standard Cost Management

Product Cost Control
Material Price
Worker Cost

Module 3 – Present-day Business Environment

Features of the Contemporary Business Environment
Model for Business Excellence
Supply Chain Management, Business Process Reengineering, and Total Quality Management

Module 4 – Contemporary Cost Management Methods

Cost cutting
Valuation Engineering
Pareto Analysis

Module 5 – Making Decisions

CVP Evaluation
Costing Based on Activity
Principles and Theory of Product Pricing

Module 6 – Performance Assessment

Accounting for accountability
Important Success Elements
Important Performance Metrics
Building Block Balanced Scorecard Performance Pyramid Model

Module 7 – Cost Analysis and Control

Gross Costing
Contribution Break-even analysis for margin
Cost of a product or service with a margin of safety

Module 8 – Budgets and monetary management

Budgeting Introduction
Budgeting procedure
Adaptable Budgets
Adaptive Budgets
Zero-based budgets, Cash Budget, Master Budget

Post-course Assessment

Participants need to complete an assessment post-course completion so our mentors will get to know their understanding of the course. A mentor will also have interrogative conversations with participants and provide valuable feedback.

Describe the meaning of the phrase “cost baseline” and the role it plays in project cost management.
Describe the stages that make up the project cost estimating process. Give illustrations of the estimating methods that were covered in the course.
Describe earned value management (EVM) and how it aids in keeping track of and regulating project expenses.
Apply earned value management formulae to determine the cost variance (CV) and schedule variance (SV) for a particular project.
Describe the function of cost control in project management and provide some examples of successful cost control methods.
Why is life cycle costing relevant in project decision-making? What does it entail? Give examples to support your response.

Lessons Learned

A crucial component of project management is cost management: The training emphasized the role that cost management plays in a project’s success. Participants discovered that projects stay under budget, meet financial goals, and maximize return on investment with good cost management.

The need of precise cost assessment was stressed throughout the training. The participants gained knowledge of numerous estimate strategies and approaches, including bottom-up estimation, analogous estimation, and parametric estimation. They were aware that accurate cost estimates help with resource allocation and realistic project planning.

A useful tool is earned value management (EVM): Participants learned more about EVM and how it affects project cost management. Using EVM formulae, they gained knowledge on how to compute and evaluate cost variances, schedule variances, and performance indices.

“Mastering Cost Management: Using the Best Practices to Reduce Project Costs”