Business Cost Control & Cost Savings

Introduction

The global business continues to face uncertainties from the impact of trade wars to COVID-19 pandemic to geopolitical conflicts and the massive increase in financial sanctions across the world. This will undoubtedly affect many export and emerging companies as revenues may stagnate while costs of operations rise because of a shortage of materials and fuel costs. Businesses are constantly reviewing their cost structures and business prospects. Efforts are being intensified for cost savings and seeking new revenues. Managers and their executives will also need to help their employers look for opportunities to save costs if possible new revenues.

This program on business costing and savings activities empowers these employees so that they can help their organizations beyond daily work duties. Among the crucial aspects to be learned is identifying opportunities for cost improvement, and the actions that can be taken to capitalize on such opportunities.

Outcome

At the end of this program, participants will be able to:

- Understand the various concepts of business costing to everyday expense management, and cost saving activities
- Apply cost concepts to review company product and service costing
Evaluate ideas and suggestions of cost wastage control
- Demonstrate the validiaty of pricing, cost validity, and quantify potential costs, cost savings or wastage

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No Topic Topic Description
1 Organizations and their Costs
  • Overview of basic cost ideas in a commercial environment
  • Types of costs in a business unit
2 Business Costing & Pricing
  • Business costing practices
  • Common types of pricing practices
  • ROI improvement
3 Costing & Pricing Risk Management
  • Cost–revenue relationships
  • Business risk and risk pricing
  • Managing business risk
4 Implementing Cost Saving Campaigns
  • The economics of cost savings - justifying the actions
  • Where the cost-saving opportunities are - identifying them
  • Starting cost control activities @ work - what to do next

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