Costing products and services is the most crucial activity of an organisation. How an organisation cost its products/services impacts its pricing, market demand, and overall profitability. Absorption costing includes all organisational costs while costing products/services so that the price never goes below cost. Activity based costing, similarly, includes all the costs in providing a product/service to customers. However, its main benefits lie in controlling costs. Customer and product life cycle costing, on the other hand, consider market demand and identify product cost over its life cycle so that expected profit can be achieved even by pricing products less than the cost in initial periods.
This course will enable the participants to identify the distinct features and utilities of all these costing systems and implement these systems in their organisations costing and pricing activities.
(1) Understand Absorption Costing and Implement the system in real life product/service costing;
(2) Understand Activity Based Costing and Implement the system for creating cost control mechanism;
(3) Implement Product life cycle costing for managing demand and profitability over product life cycle;
(4) Implement Customer Life Cycle Costing for prioritizing customers and establishing prices over life cycle.
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