This course teaches participants how to set and execute a cost management strategy that aligns with their organization's goals and capabilities. It covers the nature of strategy, the strategic planning framework, and risk management. Participants will learn about macroenvironment forces, metrics, and sources of information, as well as basic microeconomic principles such as supply and demand. The course also explores industry attributes, benchmarks, and uncertainty, providing students with the tools they need to manage costs effectively. By the end of the course, students will have a comprehensive understanding of how to create a cost management plan for a real or hypothetical organization.
Recall the key elements of a strategic planning framework
Understand the nature and importance of strategy in cost management
Define macroenvironment forces and their impact on cost management
Compare and contrast different macroenvironment metrics
Recall sources of macroenvironment information and their relevance to cost management
Explain basic microeconomic terminology and principles
Analyze the laws of supply and demand and their impact on cost management
Identify key industry attributes and their importance for cost management
Nature of Strategy
Strategic Planning Framework
Strategy and Measurement
Risk
Macroenvironment Forces
Macroenvironment Metrics
Scanning for Environmental Risks
Sources of Macroenvironment Information
Basic Terminology
Laws of Supply and Demand
Industry Attributes
Industry Benchmarks
Industry Uncertainty
Financial Analyst, Cost Accountant, Budget Analyst, Controller, CFO (Chief Financial Officer), Director of Finance, Business Manager, Operations Manager, Management Consultant, Strategic Planner.
