Managerial Accounting for Strategic Planning and Control
Overview:
Introduction:
This training program delves into how managerial accounting facilitates strategic planning, informed decision-making, and effective control within organizations. Through it, participants will explore how to leverage accounting information to optimize performance and drive business success.
Program Objectives:
By the end of this program, participants will be able to:
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Utilize managerial accounting principles for effective planning.
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Apply cost analysis to support decision-making.
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Implement control measures to manage performance.
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Interpret financial data to guide strategic decisions.
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Enhance decision-making processes through accurate accounting information.
Target Audience:
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Financial Managers.
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Accountants.
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Business Analysts.
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Operations Managers.
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Strategic Decision-Makers.
Program Outline:
Unit 1:
Foundations of Managerial Accounting:
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Overview of managerial vs. financial accounting.
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Key concepts: cost behavior, cost allocation.
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Role of managerial accounting in decision support.
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Understanding financial statements for management.
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Importance of accurate costing in planning.
Unit 2:
Cost Analysis and Budgeting:
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Types of costs: fixed, variable, and mixed.
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Cost-volume-profit analysis and break-even analysis.
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Budget preparation and variance analysis.
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Forecasting techniques for effective budgeting.
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Aligning budgets with organizational goals.
Unit 3:
Performance Measurement and Control:
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Key performance indicators (KPIs) and their applications.
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Performance measurement techniques and tools.
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Control mechanisms for managing performance.
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Analyzing variance reports and implementing corrective actions.
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Integrating performance control with strategic planning.
Unit 4:
Decision Making Techniques:
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Cost analysis for pricing and product decisions.
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Relevant costing for decision-making.
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Capital budgeting techniques: NPV, IRR.
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Decision models for investment and resource allocation.
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Strategic implications of managerial accounting data.
Unit 5:
Strategic Planning and Management Control:
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Role of managerial accounting in strategic planning.
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Techniques for aligning financial data with strategic goals.
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Implementing management control systems.
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Case studies on effective management control practices.
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Enhancing strategic decision-making through managerial insights.