BPC Industrial Production Costing

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Presentation transcript:

BPC 32603 Industrial Production Costing Topic 1: Introduction Cost Management Concept The objectives of cost management Instructor: Ahmad Kaseri Ramin C.A(M),FAIA

Chapter Learning Outcomes Acknowledge the basic concept of cost management in production /operation environment Identify the importance of cost management for decision making

Cost management concept What is a cost? It is something of value given up in exchange for something else. It is price paid to acquire some goods or services. It includes money, materials, labor and time. But the term “cost” conveys multiple meanings and there are different costs for different purposes.

Business functions making up the value chain Process Management A business process is a series of steps that are followed in order to carry out some task in a business. Business functions making up the value chain Product Customer R&D Design Manufacturing Marketing Distribution Service Part I. A business process is a series of steps that are followed in order to carry out some task in a business. Part II. A value chain consists of the major business functions that add value to a company’s products and services.

Productions Flow OUTPUT INPUT Planning CONVERSION TECHNOLOGY / SYSTEMS MATERIAL + LABOR Products Services Products & Services Controlling

Cost management concept Users of accounting information can be divided into two categories: (i) External parties outside the organization (financial accounting). (ii) Internal parties within the organization (management accounting).

The concept of cost management

The Importance of Cost Management The changing business environment Organizations have faced dramatic changes in their business environment. Move from protected markets to highly competitive global markets Deregulation Declining product life-cycles

The important of cost management To compete successfully in today’s environment companies are: Making customer satisfaction an overriding priority. Adopting new management approaches. Changing their manufacturing systems.

Managing Customer Satisfaction Customer Focus

Cost Management in Perspective Know your cost of producing your services /products Know your cost of doing business Know your cost of doing business Stay competitive and relevance in business Know your cost of serving customers

Topic I End of TOPIC I