Cost Management

This course provides students with a comprehensive understanding of cost management techniques and their application in business decision-making. This course covers key topics such as cost behavior, cost systems, activity-based costing, job order costing, process costing, and standard costing. Students will learn how to use cost data to support strategic planning, control operations, and enhance profitability. Through case studies, practical exercises, and real-world applications, students will develop the skills to manage and reduce costs while maintaining quality and efficiency in business processes.

Upon successful completion of this course, students will be able to:

• Understanding Cost Behavior and Systems: Students will gain a solid understanding of cost behavior, how costs change in response to business activities, and the use of different cost systems such as job order costing and process costing.
• Activity-Based Costing (ABC) and Analysis: Develop proficiency in using activity-based costing to allocate overhead more accurately and provide insights into the true cost of products, services, and customer segments.
• Cost Control and Variance Analysis: Learn how to apply cost control techniques, including standard costing and variance analysis, to monitor performance, identify inefficiencies, and implement cost-saving measures.
• Strategic Cost Management: Gain skills in using cost management data to support strategic decision-making, improve operational efficiency, and achieve long-term profitability while maintaining product or service quality.

These outcomes aim to prepare students for careers in cost accounting, managerial accounting, and financial management by equipping them with the tools and techniques needed to manage and reduce costs in a competitive business environment.