Cost Management (FIN124)

Course description

Cost Management introduces students to the uses of accounting information within a business enterprise for decision-making purposes. During lectures and practices, students will learn to understand the importance of accounting information, which is main input for corporate decisions regarding new product development, pricing strategy, performance evaluation, etc. The course starts with an introduction to financial and accounting terminology, going through financial reporting and main financial ratios. The next building block consist of general overview of cost management: introducing basic cost terms and concepts, presentation of different costing systems. The last part of the course deals with planning, control and performance measurement issues in the companies.

Course aim

The aim of the course is to teach students how to analyze, prepare and provide key data to managers for planning and controlling, as well as make costing for products, services and customers. By focusing on basic concepts, analyses, uses, this course will help to understand, how apply cost management tools for business strategy and implementation.

Learning outcomes

  • To provide a broad-based, practical, exposure to the basic terminology, tools, and techniques of cost management.
  • Analyse and provide recommendations to improve the operations of organisations through the application of management accounting techniques.
  • Apply techniques associated with costing systems, cost management systems, budgeting systems and performance measurement systems.
  • Appreciate the need for a balance between financial and non-financial information in decision making, control and performance evaluation applications of management accounting.
  • Tolerate ambiguity in managerial and organisational problem-solving.