Introduction

In difficult times, especially when economic crisis or company cash flow crisis, the cost reduction planning is the utmost priority on the desk of finance managers or controllers.  What should we first look at or suggest to the top management? What is the cost dynamics for my current business model? Which area to focus at instead of cutting of head counts and salaries always? This course offers a toolkit of key ideas and cost management strategies for analyzing cost and techniques for implementing cost reduction strategies. At the end of the course you have a case study to apply the toolkit you have learnt. This is an intensive, practical and challenging one day workshop for you to look at the cost reduction scheme from a different angle of view. 

Course outline

Overview

• Highlight the cost reduction in strategic, tactical and operational aspect
• Short term cost reduction vs. long term cost reduction

What is Cost?  

• The types of cost and their behaviours
• Review of product cost structures
• Activity based costing and its relevancy to the actual costs

Analysis of Costs in Business Processes

• The implication of cost wastage in inefficient business processes
• The tools to identify and analyse business processes
• The importance of continuous improvement in relation to organizational quality, process improvement, elimination of unnecessary activities and costs
• Workflow charting

Risk Management in Cost Reduction

• Why is risk a strategic issue?
• How can risk management positively impact on your organisation’s bottom line?
• Integrating risk management with business processes

How to Implement Cost Reduction?

• The issues in change management
• The techniques to handle people issue during implementation

Case Study Discussion

• Analyse the issues in the case
• Apply the techniques, tools to evaluate and suggest a strategic cost reduction

At the end of the course, participants should be able to:

• Perform cost analysis in a business process
• Understand the concept of continuous improvement and its relativity to cost reduction
• Establish profitable business through effective cost management
• Integrate risk management with cost reduction strategy
• Implement cost reduction strategy effectively

The methodology of this course include: Group Discussions, Case studies, Games and Exercises.

Target Audience : General Managers, Department Managers, Accountants & Officers
CPD Code : 090728PG1

Speaker’s profile

Ms Kok Yee Lan (Joanne)

Ms Joanne Kok is a resourcefulness, easy going and yet straight-to-the-point Trainer. She has conducted numerous trainings specialising in Financial for Non-Finance Managers, Project Management, Inventory Management, Budgetary Control and many other finance related topics. She graduated as a certified accountant (FCCA) from United Kingdom and has completed the Train the Trainer Program conducted by PSMB and MIM.

*Claimable under HRDF – The SBL Scheme: Based on the merit of each applicant