COST SYSTEMS DESIGN AND DEVELOPMENT COURSE OBJECTIVES (5 Days) COURSE OBJECTIVES: By the end of the course, participants should be able to: • Understand the role of cost systems in management decision-making. • Understand the different types of cost systems and their applications. • Identify the key steps involved in designing a cost system. • Identify the key steps involved in developing a cost system. • Understand the key factors involved in implementing a cost system. • Apply best practices in cost system design and development to their own work. COURSE OUTLINE: DAY ONE: Session One: Introduction to Cost Systems Design and Development. • Overview of cost systems and their role in management decision-making. • Importance of designing and developing an effective cost system. Session Two: • Types of cost systems and their applications. • Key considerations in cost system design and development. DAY TWO: Session One: Approaches to Cost System Design. • Overview of cost system design. • Key steps in designing a cost system. Session Two: • Job order costing and its application. • Process costing and its application. DAY THREE: Session One: Activity-Based Costing (ABC). • Introduction to ABC. • Advantages and disadvantages of ABC. Session Two: • Implementing ABC in an organization. • Comparing ABC to traditional costing methods. DAY FOUR: Session One: Cost System Development and Implementation. • Key steps in developing a cost system. • Cost behavior analysis and its role in cost system development. Session Two: • Cost estimation methods, including regression analysis, high-low method, and least squares method. • Key factors in successful cost system implementation. DAY FIVE: Session One: Case Studies and Best Practices. • Case studies of successful cost system design and development. Session Two: • Best practices in cost system design and development. • Group discussion and sharing of experiences and insights.