Cost analysis is a good skill to learn if you want to become a contract finance analyst, cost analyst, or cost controller. Here are the top courses to learn cost analysis:
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1. Principles of Cost Benefit Analysis
This course introduces the principles of cost benefit analysis and provides a clear structure for conducting or evaluating a cost benefit analysis. The course begins by discussing what cost benefit analysis can be used for, in what kinds of situations it has been used in real life, and why it is preferred to some other methods for analysing whether a project should be implemented or not. It then moves on to introduce 10 steps for conducting a cost benefit analysis, and explains these steps carefully one by one. Examples and references to real life are provided throughout the course. Additionally, throughout the steps one particular example is followed through to provide some flesh to the story. After the steps, the course also discusses some shortcomings of the method and the importance of making policy recommendations after the analysis. After the course the student should have a clear overview of cost benefit analysis and its possibilities, but also be aware of the shortcomings of the method. The student knows the structure or the cost benefit analysis and can use the structure to conduct their own analysis or evaluate an existing one...
2. Managerial Accounting: Cost Behaviors, Systems, and Analysis
In this course, you will learn how to use accounting to facilitate and align decisions made by owners, managers, and employees. You will learn how accountants create, organize, interpret, and communicate information that improves internal processes and allows organizations to identify and leverage opportunities to create value within the supply chain and with customers. You will be able to: • Understand what managerial accounting is and why it is an important function for successful businesses • Identify problems associated with relying on financial accounting information for internal decision making • Organize cost information according to the decision-making needs of the organization • Apply activity-based costing (ABC) and recognize circumstances and decisions for which ABC systems are relevant • Address common "what-if" questions using cost-volume-profit (CVP) analysis and apply CVP in a variety of scenarios This course is part of Gies College of Business’ suite of online programs, including the iMBA and iMSM. Learn more about admission into these programs and explore how your Coursera work can be leveraged if accepted into a degree program at https://degrees.giesbusiness.illinois.edu/idegrees/...
3. Flexible Budgets, Standard Costs, & Variance Analysis
This comprehensive Udemy course combines insights from college topics generally covered by managerial accounting textbooks with practical applications to provide a deep understanding of essential tools in managerial accounting. To set the right foundation, we begin by introducing managerial accounting topics and contrasting them with financial accounting. This establishes the correct mindset for the course, ensuring a clear understanding of the distinctive features and objectives of managerial accounting. We then delve into flexible budgets, exploring their advantages over static or fixed budgets. Through interactive example problems and step-by-step instructional videos, you will grasp the benefits of flexible budgets and learn how to utilize them effectively. Next, we define and analyze standard costs and cost variance analysis. While providing an overview of cost variance analysis concepts, we will progressively dive deeper into each topic, equipping you with practical skills to identify and interpret cost variances. Sales variance analysis will be thoroughly covered, including its purpose, calculation methods, and real-world applications. By working through example problems and following detailed instructional videos, you will gain hands-on experience in calculating sales variances. Direct materials variance analysis will be explored comprehensively, demonstrating its practical use and calculation methods. Through instructional videos and example problems, you will master the application of direct materials variance analysis concepts. Direct labor variance analysis will also receive extensive attention, ensuring a comprehensive understanding of its purpose and applications. Through instructional videos and practical examples, you will acquire the skills to calculate and interpret direct labor variances. Overhead variance analysis will be discussed in detail, highlighting its significance in cost management. You will understand why overhead variance analysis is used and learn how to calculate and analyze overhead variances. Through demonstration presentations, example problems, and step-by-step instructional videos, you will navigate the intricacies of overhead variance analysis. As a capstone, we will provide comprehensive problems on overhead variance and variance analysis. With preformatted Excel worksheets and accompanying instructional videos, you will have the opportunity to apply your knowledge and skills in solving complex variance analysis scenarios. The Excel worksheets will guide you through the step-by-step problem-solving process, enabling a hands-on experience to reinforce your understanding. Join us on this transformative journey of mastering managerial and cost accounting tools. Enroll now and unlock the power of variance analysis and budgeting for effective decision-making and financial management...
4. Cost Volume Profit Analysis (CVP) - Managerial Accounting
Unlock the power of managerial and cost accounting with our comprehensive Udemy course. This course dives deep into the crucial managerial accounting concept of cost-volume-profit (CVP) analysis, a dynamic tool that helps businesses determine how changes in costs and volumes affect their profits. We kick off the course with a robust introduction to managerial accounting and cost accounting, clearly outlining their differences. The central tool for our exploration will be the Contribution Margin Income Statement, providing a roadmap as we delve into each component of CVP analysis. Intricate concepts such as mixed costs are broken down, discussing their implications, and how to handle them effectively using methods like the high-low method and scatter diagram method. Grasp the fundamental concept of break-even point in both units and revenue, building a strong foundation for subsequent topics in cost-volume-profit analysis. Forecasting becomes less daunting as we illuminate how CVP analysis can be leveraged for accurate projections and informed decision-making. For businesses with multiple inventory products, we elucidate techniques to apply CVP analysis effectively, ensuring a wide application of the knowledge acquired. Further, we navigate the concept of operating leverage - understanding its calculation and usefulness in business operations. We openly discuss the assumptions that underlie CVP analysis and address its potential limitations, ensuring you have a well-rounded understanding of its application in real-world scenarios. The course features a comprehensive problem worked out using Excel, with step-by-step instructional videos to ensure you can follow along and fully grasp the application of the concepts learned. With numerous Excel worksheets to assist your learning, you'll be able to practice and consolidate your understanding at every stage. Worksheets typically include three tabs - one with the completed problem, another with a preformatted worksheet to fill in, and a blank worksheet, enabling you to build your own tables from scratch if desired. Whether you're an aspiring accountant, a business owner, a financial professional or a student, this course will arm you with the skills to navigate and apply cost-volume-profit analysis, and take your understanding of managerial and cost accounting to new heights...
5. Cost of Quality Analysis and Reporting using Microsoft Excel
A complete plan of attack for molding your quality cost information into an informative report that will grab the attention of anyone who cares about the bottom line of your company. Learn the four standard cost of quality categories. Learn how to gather the essential building blocks of your report. Then learn to analyze and summarize this data to DRIVE IMPROVEMENT within your company. In this course, you will learn: What raw data to collect and how to collect itThe four cost buckets: Prevention, Appraisal, Internal and ExternalSources of Quality Costs like payroll, scrap data, training data, customer complaints, returned product freight, etc. How to use Excel formulas like VLOOKUP to speed up your data summaryFormatting and distributing your COQ report for maximum impactHow products are costed from raw material through finished goodsTrends and patterns in COQ dataEstimating defect costs in a process seriesHow to effectively use the provided Excel templatesAnd MUCH MORE!! Cost of Quality is the business foundation for your quality engineering, management and continuous improvement initiatives. By learning the skills provided in this class, you will effectively connect your knowledge and activities as a quality professional to the larger objectives of your company. Sign up today to start learning this critical skill!!...
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Updated December 8, 2023