Advanced Managerial Accounting

Catalog description

This course complements courses addressing operational management, marketing and strategy. Cost management plays a key-supporting role in the creation of more value to the consumer of a firm's products and services, thus enhancing its competitiveness. Any organization can benefit from cost management systems that accurately provide information and that facilitates integration of initiatives such as total quality, new product and service design, cost reduction and business process improvement that enhances their competitiveness and profitability. Topics will include design and implementation of cost measurement systems for production and strategy choice, management control, enhancement of quality, timeliness and the measurement of customer, product and market regional profitability and the use of cost information during design and production stages. You will learn to cost products, services and strategies in manufacturing, financial and service industries with accuracy. Activities that do not contribute value to the firm and those that increase efficiency of operations are discerned, facilitating intelligent strategic budgeting processes. Efficient cost reduction approaches, monitoring of performance, quality enhancement projects and strategies to increase profitability of the firm are components of the course. Learn to measure outcomes through performance measures such as deviations from standard norms, return on investment, economic value added and balanced score card techniques. Tools such as activity based costing, target costing, Kaizen and customer profitability analysis are discussed using appropriate case studies from companies.