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Finance for Non-Finance Professionals RM1,300.00
13th & 14th March 2024

Costing Techniques and Pricing Decisions

RM1,800.00 RM2,100.00

Every company’s survival and progress, depends on the basis of proper estimation of its costs and estimation of product or service pricing. Every cost conscious executive, specific project manager, cost estimator, or organization is in need of improving their cost estimation success. This seminar endeavors to illustrate and explain how to develop costs and how they can be used not only to estimate the product cost, but also how to use them to determine a competitor’s likely bid price. It explores the estimating methods typically used to estimate costs and explains the advantages and disadvantages of each, demonstrate several estimating methods, and includes a cost estimating methodology that participants can tailor to their own organizational needs.
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    Duration : 14 Hours

    Trainer : Mr. Hari Ramulu

    Location : Suasana Suites Hotel Johor Bahru

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Description

Course Objectives:

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

  1. Proficiently classify costs into fixed, variable, direct, and indirect categories, ensuring a comprehensive understanding of cost structures within an organization.
  2. Identify and distinguish various cost elements that contribute to the overall cost of products or services, aiding in accurate cost analysis and pricing decisions.
  3. Understand the critical role of management accounting in providing essential information for strategic and operational decision-making within an organization.
  4. Appreciate the significance of management accounting information in facilitating well-informed decision-making by management and will be able to articulate its value in driving business success.
  5. Apply the principles of management accounting in diverse contexts, including financial planning, performance monitoring, pricing strategies, and various decision-making processes.
  6. Optimize cost structures and pricing strategies, ultimately enhancing the organization’s resilience.

 

Learning Outcomes:

Upon completing this training, participants will be able to:

  1. Accurately classify costs into fixed, variable, direct, and indirect categories, enabling a deep understanding of cost structures within organizations.
  2. Identify and differentiate various cost elements contributing to the overall cost of products or services, ensuring precise cost analysis and informed pricing decisions.
  3. Recognize the pivotal role of management accounting within organizations and comprehend its significance in supplying essential information for strategic and operational decision-making.
  4. Applying management accounting principles in practical scenarios, including budgeting, performance monitoring, pricing strategies, and decision-making, thereby enhancing their ability to make data-driven business decisions.
  5. Skilled in utilizing management accounting techniques to identify, assess, and mitigate business risks, leading to optimized cost structures and pricing strategies that reduce risk factors and enhance organizational resilience.

 

Methodology:

  • Pre – Assessment
  • Interactive lectures and presentations
  • Group discussions and activities
  • Case studies
  • Post – Assessments

 

Target Audiences:

  • Cost and Accounts’ Executives
  • Managers
  • Directors
  • Planners
  • Analysts
Additional information
Date

13th & 14th March 2024
Type

Individual, Group (>2)
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Course Outline

Module 1: Fundamentals of Cost Management and Decision-Making

  • Role of management and function
  • Cost data and information for decision-making process
  • Cost behavior

 

Module 2: Advanced Absorption Costing and Product Cost Pricing Strategies

  • Absorption costing
  • Overhead allocation, apportionment and absorption
  • Product cost (pricing) based on absorption costing

 

Module 3: Strategic Costing: Activity-Based Costing and Pricing Strategies

  • Activity based costing (ABC)
  • Product cost (pricing) based on ABC
  • ABC versus Absorption costing

 

Module 4: Strategic Cost Analysis: Marginal Costing and CVP Insights.

  • Marginal costing
  • CVP analysis
  • Product cost (pricing) based on marginal costing
  • Marginal costing versus absorption costing

 

Module 5: Comprehensive Costing Methods

  • Other costing techniques
  • (Job, Batch, Contract, Service, Process costing)

 

Module 6: Financial Planning and Forecasting: Mastering Budgets and Predictive Analysis

  • Forecasting
  • Budgetary process

 

Module 7: Advanced Cost Control: Standard Costing and Variance Analysis

  • Standard costing
  • Variance analysis

 

Module 8: Advanced Pricing Strategies and Cost Analysis

  • Pricing (importance, factors affecting pricing)
  • Price elasticity
  • Full cost plus pricing
  • Marginal cost plus pricing
  • Opportunity cost
  • Fixed price tenders
Trainer Profile

Mr. Hari Ramulu Munusamy

Hari Ramulu Munusamy, a Chartered Certified Accountant, boasts extensive experience spanning various aspects of accounting, auditing, taxation, and finance education, dating back to October 1974. His professional journey commenced as an Audit Assistant at Messrs: F.H. Eiles & Co., a London-based Chartered Accountants firm, in October 1976, following his completion of a Diploma in Accounting from Newcastle-Upon-Tyne.

Subsequently, he advanced his career as an Audit Supervisor at Messrs: Coopers & Lybrand, now known as PricewaterhouseCoopers, in Kuantan, in May 1984. In January 1986, he joined Messrs: Senthe & Co as an Audit Manager, gaining significant experience in private practice.

In addition to his practice, Hari Ramulu served as a group accountant for FARMCO Sdn. Bhd. and lectured at various higher learning institutions from October 1988 to June 2014. He possesses a wealth of knowledge, skills, and expertise in accounting, auditing, taxation, and related services, including forensic accounting, company valuation, and tax investigation.

He is a highly regarded speaker at seminars, workshops, and conferences, with a focus on topics such as taxation, financial statement analysis, GST, and accounting standards. Professionally, he holds memberships and affiliations with various renowned institutions, including the Association of Chartered Certified Accountants (UK), Malaysian Institute of Accountants, Malaysian Chartered Institute of Taxation, and more.

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