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Cost and Management Accounting for Engineers

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Introduction

The aims of this seminar are to enable engineers to develop essential knowledge and techniques in cost and management accounting that will enable them to measure and manage both financial and non-financial performance within their organisation. The seminar will use case studies to examine the key principles, and will highlight areas that those involved need to be alerted to.

Course Objectives

On completion of this seminar, participants should be able to:

  • understand cost behaviour and assess the possible uses of cost information for different types of decision making
  • identify and understand techniques to evaluate decisions in relation to costing, pricing, marketing strategy, purchasing and production strategies
  • prepare budgets and explain the significance of budgets for planning, control and performance measurement
  • identify and apply financial and non-financial performance measures
  • identify and understand issues that may affect performance.

Target Participants

HKIE Member or engineer

Course Contents

  1. Cost Behaviour and Decision Making
    1. Elements of total costs and their behaviour, including direct and indirect cost, fixed and variable cost.
    2. Identification of cost drivers.
    3. Decision making and relevant costs.
  2. Budgeting
    1. Techniques for preparing budgets, including fixed and flexible budgets and cash budgets.
    2. Zero-based budgeting and activity-based budgeting.
  3. Performance Measurement
    1. Financial measures of performance, including:
      1. Actual vs. budget and variances.
      2. Standard cost variances, operating statements and performance appraisal.
    2. Critical success factors and key performance indicators.
    3. Non-financial performance measures, including Total Quality Management and Cost of Quality.
    4. Balanced scorecard.
  4. Use of Performance Measurement to Manage Performance
    1. Purchasing and production management, including:
      1. Supply chain management
      2. Just-in-time production and purchasing
      3. Target costing and kaizen costing

Award

Certificate of Attendance

Medium of Instruction

Cantonese (course materials in English)

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