Strategic Management and Strategic Cost Management Strategic

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Strategic Management and Strategic Cost Management - Leading to Diploma–Postgraduate in Strategic Management and Strategic Cost Management, Accumulating to Postgraduate Diploma, Progressing to MA, MBA, MSc

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Strategic Management and Strategic Cost Management

Strategic Management and Strategic Cost Management

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Strategic Management and Strategic Cost Management - Leading to Diploma–Postgraduate in Strategic Management and Strategic Cost Management, Accumulating to Postgraduate Diploma, Progressing to MA, MBA, MSc

Strategic Management and Strategic Cost Management

Strategic Management and Strategic Cost Management

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Strategic Management and Strategic Cost Management - Leading to Diploma–Postgraduate in Strategic Management and Strategic Cost Management, Accumulating to Postgraduate Diploma, Progressing to MA, MBA, MSc

Course Co-ordinator: Prof. Dr. R. B. Crawford – Director HRODC Postgraduate Training Institute ➢ PhD (University of London); ➢ MEd. M. (University of Bath); ➢ Adv. Dip. Ed. (University of Bristol); ➢ PGCIS (Thames Valley University); ➢ ITC (UWI); ➢ Member of the Standing Council of Organisational Symbolism (MSCOS); ➢ Member of the Asian Academy of Management (MAAM); ➢ Member of the International Society of Gesture Studies (MISGS); ➢ Member of the Academy of Management (MAOM); ➢ LESAN; ➢ Professor, HRODC Postgraduate Training Institute; ➢ Visiting Professor, Polytechnic University of the Philippines (PUP).

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Strategic Management and Strategic Cost Management - Leading to Diploma–Postgraduate in Strategic Management and Strategic Cost Management, Accumulating to Postgraduate Diploma, Progressing to MA, MBA, MSc

For Whom This Course is Designed This Course is Designed For: ➢ Business Owners; ➢ Chief Executive Officers (CEOs); ➢ Chief Financial Officers (CFOs); ➢ Chief Operations Officers (COOs); ➢ Cost and management accountant; ➢ Entrepreneurs; ➢ Finance Managers; ➢ Financial and budget controllers who are moving to wider responsibilities; ➢ Financial planners and cost analysts; ➢ First appointment managers on fast-track development Programmes; ➢ General Managers; ➢ Managers and Supervisors from every business discipline and department who have to run departments and plan, cost and budget during their business lives; ➢ Managers who have to plan, cost and budget new business ventures; ➢ Managers who need to know more about business planning, budgeting, costing terms and techniques; ➢ Managers who require a refresher programme on the topic or who would benefit from having an opportunity to consider new ideas and methods; ➢ Managing Directors; ➢ Senior Level Managers; ➢ Senior managers who supervise people with financial responsibilities; ➢ Strategic Planners.

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Strategic Management and Strategic Cost Management - Leading to Diploma–Postgraduate in Strategic Management and Strategic Cost Management, Accumulating to Postgraduate Diploma, Progressing to MA, MBA, MSc

Introduction and Rationale In 21st century business environment, effective strategic management is critical to the success of the firm or organization and is thus a pervasive theme of this seminar. The growing pressures of global competition, technological innovation, and change in business processes have made cost management much more critical and dynamic than ever before. Managers and management accountants must think competitively; doing so requires a strategy. Because strategic issues are increasing in importance to management, cost management has moved from a traditional role of product costing and operational control to a broader, strategic focus: strategic cost management. Strategic Cost Management is the development of cost management information to facilitate the principal management function, strategic management. Cost management information is a broad concept and includes information that the manager needs to effectively mange the firm or not-for-profit organization and included both financial information about costs and revenues as well as relevance non-financial information about productivity, quality, and other key success factors for the firm.

Duration: 6 Days Cost: £6,000.00 Per Delegate Please Note: ➢ ➢

V.A.T. (Government Tax) does not apply to Corporate Sponsored Individuals, taking Programmes or Courses in any location - within or outside the UK. It applies only to Individuals and Corporations based in the UK and to Non-UK Individual Residents taking courses in the UK.

Cost includes: ➢

Free Continuous snacks throughout the Event Days;



Free Hot Lunch on Event Days;



Free City Tour;



Free Stationery; Page 5 of 17

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Strategic Management and Strategic Cost Management - Leading to Diploma–Postgraduate in Strategic Management and Strategic Cost Management, Accumulating to Postgraduate Diploma, Progressing to MA, MBA, MSc



Free On-site Internet Access;



Diploma - Postgraduate – Strategic Management and Strategic Cost Management; or



Certificate of Attendance and Participation – if unsuccessful on resit.

HRODC Postgraduate Training Institute’s Complimentary Products include: 1. HRODC Postgraduate Training Institute’s Leather Conference Folder; 2. HRODC Postgraduate Training Institute’s Leather Conference Ring Binder/ Writing Pad; 3. HRODC Postgraduate Training Institute’s Key Ring/ Chain; 4. HRODC Postgraduate Training Institute’s Leather Conference (Computer – Phone) Bag – Black or Brown; 5. HRODC Postgraduate Training Institute’s 8GB USB Flash Memory Drive, with Course Material; 6. HRODC Postgraduate Training Institute’s Metal Pen; 7. HRODC Postgraduate Training Institute’s Polo Shirt. **Please see product images, as a separate file - Complimentary Products For Students and Delegates, from HRODC Postgraduate Training Institute Daily Schedule: 9:30 to 4:30 pm. Location: Central London and International Locations Click to View or Download Schedule - Part 1 Click to View or Download Respective Mini-Schedules Click to Download our Upcoming Programme and Course Schedule Click to View or Download Respective Mini-Schedules Click to Book this Course

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Strategic Management and Strategic Cost Management - Leading to Diploma–Postgraduate in Strategic Management and Strategic Cost Management, Accumulating to Postgraduate Diploma, Progressing to MA, MBA, MSc

Strategic Management and Strategic Cost Management Leading to Postgraduate Diploma in Strategic Management and Strategic Cost Management Course Objectives By the conclusion of the specified learning and development activities, delegates will be able to: ➢ Deconstruct Strategic Decisions, highlighting their major characteristics; ➢ Deconstruct the issue of costing, exploring the different types and levels, as appropriate; ➢ Define, with own organization’s examples, the issue of ‘Strategic Position’; ➢ demonstrate a heightened awareness of the concept of synergy, in the context of effective organisational functioning; ➢ Demonstrate a heightened understanding of Economic Value Added (EVA) ➢ Demonstrate a mastery of key Concepts Relevant To Cost Management; ➢ Design an accounting-based performance measure ➢ Determine the differences in strategic priorities in relation to specific organizational levels – viz. corporate, business, and operational; ➢ Distinguish between differing organizational levels, in relation to management and decision-making; ➢ Distinguish between Product Costs and . Period Costs; ➢ Effectively link resources, activities and management - indicating their collective and paired relationship; ➢ Elucidate the contextual relationship between strategic alliance and 'synergistic gains'. ➢ Elucidate the linkages between ABM and ABC; ➢ Exhibit a heightened understanding of Direct Costs, as opposed to Indirect Costs; ➢ Exhibit a heightened understanding of how value is created; ➢ Exhibit a heightened understanding of the ‘Corporate Strategy Model’; ➢ Exhibit a heightened understanding of the ‘Strategy Process’; Page 7 of 17

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Strategic Management and Strategic Cost Management - Leading to Diploma–Postgraduate in Strategic Management and Strategic Cost Management, Accumulating to Postgraduate Diploma, Progressing to MA, MBA, MSc

➢ Explain what is meant by Return on Investment (ROI); and ➢ Explore, conceptually and contextually, the changing role of managers and management accountants in designing incentive systems. ➢ Give a simple but effective explanation of a Master Budget; ➢ Illustrate the Cost Hierarchy, exploring their association with cost drivers; ➢ Illustrate the factors influencing effective Strategic Choice; ➢ Indicate a simple definition, with relevant examples, of Rolling Budget; ➢ Indicate the importance of variance analysis, as a migration from costing; ➢ Integrate continuous improvement into variance analysis. ➢ Outline the measures necessary for an organisation to take in order to create a costawareness; ➢ Provide a contextualized definition of a Strategic Business Unit (SBU); ➢ Provide a heightened Illustration of the purpose of cost management information, citing relevant examples; ➢ Provide a heightened understanding of financial and non-financial measures of performance; ➢ Provide a succinct definition of strategy, that demonstrates it conceptual internalization; ➢ Provide a working definition of Fixed or Static Budgets, on the one hand, and Flexed or Flexible Budgets, on the other; ➢ Provide an acceptable and factual explanation of the relationship between ActivityBased Costing (ABC) and Cost-Management, generally; ➢ Provide suitable examples of Activity Based Budgeting - in such a way that non-cost management managers can understand the underlying concepts and issues; ➢ Solve problems relating to cost behaviour and cost management. ➢ Suggest the benefits that will accrue as an organisation embraces cost-awareness; ➢ Suggest the context within which Activity-based Management (ABM) might be appropriate; ➢ Suggest the value of Zero-Based Budgeting, in relation to effective Cost management and general organisational effectiveness; ➢ The difference between strategy and strategic management, on the one hand, and operational management, on the other; Page 8 of 17

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Strategic Management and Strategic Cost Management - Leading to Diploma–Postgraduate in Strategic Management and Strategic Cost Management, Accumulating to Postgraduate Diploma, Progressing to MA, MBA, MSc

➢ Understand the basic vocabulary of strategy, as used in different contexts; ➢ Use suitable examples to explain Cost Behaviour, in relation to Fixed and Variable Costs, respectively.

Contents, Concepts and Issues Parts 1 - Understanding Strategy and Strategic Relations ➢ Strategy: A Definition; ➢ The ‘Strategy Process’; ➢ Characteristics of Strategy; Defining Strategic Management; ➢ Understanding Strategic Decisions; ➢ Implications of Strategic Decisions; ➢ Levels of Strategy; ➢ What Is A Strategic Business Unit?; ➢ Relating Strategy to an Organisation’s: •

Mission;



Vision;



Goal;



Objective;



Strategic capability;



Strategies;



Business model;



Control.

➢ The Corporate Strategy Model; ➢ Strategic Position; ➢ What Are Strategic Choices?; ➢ The Concept of Synergy; ➢ The Synergistic Effect of Strategic Alliance.

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Strategic Management and Strategic Cost Management - Leading to Diploma–Postgraduate in Strategic Management and Strategic Cost Management, Accumulating to Postgraduate Diploma, Progressing to MA, MBA, MSc

Part 2 - Cost Management and Strategy: Conceptual Framework Concepts ➢ The Use of Cost Management Information; ➢ The Issue of “Costing”; ➢ Creating Cost-Aware Organizations; ➢ Review of Some Key Cost Concepts; ➢ Product vs. Period Costs; ➢ Direct and Indirect Costs; ➢ Cost Behaviour: Fixed and Variable Costs; ➢ Problems and Examples.

Parts 3 - Different Approaches to Costing ➢ Absorption (Full) vs. Variable Costing; ➢ Under-Costing and Over-Costing: The Consequences for Profitability; ➢ How to Refine a Costing System?; ➢ Activity-Based Costing (ABC) and Cost-Management; ➢ Cost Hierarchy and Cost Drivers; ➢ Linking Resources, Activities and Management; ➢ Introducing Activity-Based Management (ABM); ➢ Linkages between ABM and ABC – Monitoring; ➢ Value Creation; ➢ Fixed and Flexed Budget (Static and Flexible Budget); ➢ Rolling Budget; ➢ Zero Based Budgeting; ➢ Activity Based Budgeting; ➢ Master Budget; ➢ From Costing to Budget: Interpreting Variances (Variance Analysis); ➢ Integrating Continuous Improvement into Variance Analysis; ➢ Problems, Case Study and Exercises.

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Strategic Management and Strategic Cost Management - Leading to Diploma–Postgraduate in Strategic Management and Strategic Cost Management, Accumulating to Postgraduate Diploma, Progressing to MA, MBA, MSc

Part 4 - Control Systems and Performance Measurement ➢ Financial and Non-Financial Measures of Performance; ➢ Designing an Accounting-Based; Performance Measure; ➢ Economic Value Added (EVA); ➢ Return on Investment (RIO); ➢ Strategic Performance Measurement: Balanced Scorecard; ➢ New Role for Managers and Management Accountants in Designing Incentive Systems.

Synopsis of Diploma – Postgraduate, Postgraduate Diploma and Postgraduate Degree Regulation Postgraduate Diploma and Diploma – Postgraduate: Their Distinction and Assessment Requirement Delegates studying courses of 5-9 days’ duration, equivalent to 30-54 Credit Hours (direct lecturer contact), will, on successful assessment, lead to the Diploma – Postgraduate. This represents a single credit at Postgraduate Level. While 6-day and 7-day courses also lead to a Diploma – Postgraduate, they accumulate 36 and 42 Credit Hours, respectively. Delegates and students who fail to gain the required level of pass, at Postgraduate Level will receive a Certificate of Attendance and Participation. The Certificate of Attendance and Participation will not count, for cumulative purpose, towards the Postgraduate Diploma.

Courses carry varying credit values; some being double credit, triple credit, quad credit and 5-credit, etc. These, therefore, accumulate to a Postgraduate Diploma. As is explained, later, in this document, a Postgraduate Diploma is awarded to students and delegates who have achieved the minimum of 360 Credit Hours, within the required level of attainment.

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Strategic Management and Strategic Cost Management - Leading to Diploma–Postgraduate in Strategic Management and Strategic Cost Management, Accumulating to Postgraduate Diploma, Progressing to MA, MBA, MSc

Credit Value and Credit Hours examples of Diploma – Postgraduate Courses are as follows:

Credit Value

Credit Hours

Single-Credit

30-36

Double-Credit

60-72

Triple-Credit

90-108

Quad-Credit

120-144

10-Credit (X36 Credit-Hours) to 12Credit (X30 Credit-Hours)

360

Other Credit Values are calculated proportionately. Because of the intensive nature of our courses and programmes, assessment will largely be in-course, adopting differing formats. These assessment formats include, but not limited to, in-class tests, assignments, end of course examinations. Based on these assessments, successful candidates will receive the Diploma – Postgraduate, or Postgraduate Diploma, as appropriate. In the case of Diploma – Postgraduate, a minimum of 70% overall pass is expected. In order to receive the Award of Postgraduate Diploma, candidate must have accumulated at least the required minimum ‘credit-hours’, with a pass (of 70% and above) in at least 70% of the courses taken.

Delegates and students who fail to achieve the requirement for Postgraduate Diploma, or Diploma - Postgraduate - will be given support for 2 re-submissions for each course. Those delegates who fail to achieve the assessment requirement for the Postgraduate Diploma or Diploma - Postgraduate - on 2 resubmissions, or those who elect not to receive them, will be awarded the Certificate of Attendance and Participation.

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Strategic Management and Strategic Cost Management - Leading to Diploma–Postgraduate in Strategic Management and Strategic Cost Management, Accumulating to Postgraduate Diploma, Progressing to MA, MBA, MSc

Diploma – Postgraduate, Postgraduate Diploma and Postgraduate Degree Application Requirements Applicants for Diploma – Postgraduate, Postgraduate Diploma and Postgraduate Degrees are required to submit the following documents: ➢ Completed Postgraduate Application Form, including a passport sized picture affixed to the form; ➢ A copy of Issue and Photo (bio data) page of the applicant’s current valid passport or copy of his or her Photo-embedded National Identity Card; ➢ Copies of credentials mentioned in the application form.

Admission and Enrolment Procedure ➢ On receipt of all the above documents we will make an assessment of the applicants’ suitability for the Programme for which they have applied; ➢ If they are accepted on their Programme of choice, they will be notified accordingly and sent Admission Letters and Invoices; ➢ One week after the receipt of an applicant’s payment or official payment notification, the relevant Programme Tutor will contact him or her, by e-mail or telephone, welcoming him or her to HRODC Postgraduate Training Institute; ➢ Non-European Students will be sent immigration documentation, incorporating a Visa Support Letter. This letter will bear the applicant’s photograph and passport details; ➢ Applicants will be notified of the dates, location and venue of enrolment and orientation; ➢ Non-UK students will be sent general information about ‘student life’ in the UK and Accommodation details.

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Strategic Management and Strategic Cost Management - Leading to Diploma–Postgraduate in Strategic Management and Strategic Cost Management, Accumulating to Postgraduate Diploma, Progressing to MA, MBA, MSc

Modes of Study for Postgraduate Diploma Courses There are three delivery formats for Postgraduate Diploma Courses, as follows: 1. Intensive Full-time Mode (3 months); 2. Full-time Mode (6 month); 3. Video-Enhanced On-Line Mode. Whichever study mode is selected, the aggregate of 360 Credit Hours must be achieved.

Cumulative Postgraduate Diploma Courses

All short courses can accumulate to the required number of hours, for the Postgraduate Diploma, over a six-year period from the first registration and applies to both general and specialist groupings. In this regard, it is important to note that short courses vary in length, the minimum being 5 days (Diploma – Postgraduate) – equivalent to 30 Credit Hours, representing one credit. Twelve 5-day short courses, representing twelve credits or the equivalent of 360 Credit Hours are, therefore, required for the Award of Postgraduate Diploma. A six-day course (Diploma – Postgraduate) is, therefore, equivalent to 36 hours Credit Hours, representing one credit. Therefore, ten short courses, of this duration, equates to the required 360 Credit Hours, qualifying for the Award of Postgraduate Diploma. While double-credit courses last between ten and fourteen days, triple-credit courses range from fifteen to nineteen days. Similarly, quad-credit courses are from sixteen to nineteen days. On this basis, the definitive calculation on the Award requirement is based on the number of hours studied (aggregate credit-value), rather than merely the number of credits achieved. This approach is particularly useful when a student or delegate studies a mixture of courses of different credit-values.

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Strategic Management and Strategic Cost Management - Leading to Diploma–Postgraduate in Strategic Management and Strategic Cost Management, Accumulating to Postgraduate Diploma, Progressing to MA, MBA, MSc

For those delegates choosing the accumulative route, it is advisable that at least two credits be attempted per year. This will ensure that the required number of credit hours for the Postgraduate diploma is achieved within the six-year time frame.

Progression to Postgraduate Degree – MA, MBA, MSc ➢ On the successful completion of the Postgraduate Diploma, students may register

for the Postgraduate Degree, after their successful completion of Course #7: Research Project: Design, Conduct & Report. ➢ The students’’ Degree Registration Category will be dictated by the courses or

modules studied at Postgraduate Diploma Level. The categories relate to Master of Business Administration (MBA); Master of Arts (MA) Master of Science (MSc); Executive Master of Business Administration (Executive MBA).

Specialism and Degree Award Titles

The title of the degree will be indicative of the specialism studied or its generalist nature, as exemplified below: ➢ Master of Science - Advanced Oil and Gas Accounting: International Petroleum

Accounting (MSc Advanced Oil and Gas Accounting: International Petroleum Accounting); ➢ Master of Science - Accounting and Finance (MSc Accounting and Finance); ➢ Master of Science - Real Estate Management (MSc Real Estate Management); ➢ Master of Science - Tourism and International Relations (MSc Tourism and

International Relations); ➢ Master of Science – Human Resource Training and Development Management

(MSc HR Training and Development Management); ➢ Master of Business Administration (MBA); ➢ Executive Master of Business Administration (Executive MBA); ➢ Master of Business Administration – Finance (MBA Finance); ➢ Master of Business Administration – Accounting (MBA Accounting); Page 15 of 17

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Strategic Management and Strategic Cost Management - Leading to Diploma–Postgraduate in Strategic Management and Strategic Cost Management, Accumulating to Postgraduate Diploma, Progressing to MA, MBA, MSc

➢ Master

of Arts - Human Resource Management (MA Human Resource

Management); ➢ Master of Arts - Information and Communication Management (MA Information and

Communication Management).

Dissertation: Topics, Supervision and Examination ➢ The knowledge and skills gained from the research methods course will enable

students to formulate their research proposal. ➢ With the guidance of their research methods tutor, they will submit a Synopsis or

Research Proposal ➢ On the approval of their synopsis, their Postgraduate Degree Registration will be

formalised and they will, in earnest, begin their dissertation research. ➢ Students’ choice of Dissertation area and topic must closely reflect their specialism

and expected Award Title; ➢ The Postgraduate Degree Award Board, which will convene twice during each

Academic Year, will determine whether the rules have been complied with, in this regard, and will, where necessary, change a registered Award Title, to reflect the reality of a programme choice; ➢ The length of the Dissertation will be between 15,000 and 20,000 words. Higher or

lower limits will be accepted through special dispensation only, tabled through their Dissertation Supervisors; ➢ Students will each be assigned one Main Dissertation Supervisor, for formal tuition,

and a Dissertation Mentor, who will provide them with informal advice, in conjunction with their Main Dissertation Supervisor; ➢ Each Dissertation Mentor will also mediate the relationship between the Student and

his or her Dissertation Supervisor; ➢ Students’ Viva Voce, or Oral, Examination will be conducted within 3 months of the

submission of their Dissertation; ➢ The Dissertation Examination will be conducted by an External and an Internal

Examiner; Page 16 of 17

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Strategic Management and Strategic Cost Management - Leading to Diploma–Postgraduate in Strategic Management and Strategic Cost Management, Accumulating to Postgraduate Diploma, Progressing to MA, MBA, MSc

➢ The External Examiner will be drawn from a recognized University and will be an

Academic in the Discipline being examined, who is not otherwise associated with HRODC Postgraduate Training Institute; ➢ The Internal Supervisor will be an HRODC Postgraduate Training Institute’s tutor,

who is neither the Students’ main Dissertation Supervisor or their Dissertation Mentor; ➢ The submission date of a Postgraduate Dissertation is expected to be within 12

calendar months of a candidate’s initial registration for the Degree but can be extended, on application, to a period not exceeding 24 months; ➢ In the event that Students are not successful on their first attempt, they will be given

the opportunity to make minor amendments to, or revise, their Dissertation, with the guidance of their Dissertation Supervisors. ➢ The maximum total submission and resubmission period should not exceed 36

calendar months from the date of first registration for a particular Postgraduate Degree; ➢ Additional details and general aspects of these regulations are contained in the

document: Postgraduate Degree - Dissertation Guidelines.

Terms and Conditions HRODC Policy Terms and Conditions Are Available for viewing at: http://www.hrodc.com/COSTS.htm Or Downloaded, at: http://www.hrodc.com/Brochure_Download_Centre.Company_Brochures_Seminar_B rochures_Seminar_Schedule.htm The submission of our application form or otherwise registration by of the submission of a course booking form or e-mail booking request is an attestation of the candidate’s subscription to our Policy Terms and Conditions, which are legally binding.

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Strategic Management and Strategic Cost Management Strategic

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