Cost Management

About the course

As the price of Petroleum products fluctuates widely, the most vulnerable companies are those that are ineffective in understanding and managing their costs. The ability to properly manage costs is now paramount in a company’s success and even their ultimate survival. Today, few problems threaten the petroleum businesses more than uncontrolled costs. Economic realities have made it necessary for most companies to operate with a “lean and mean” philosophy. As the energy industry goes through its most monumental changes since the 1970s, the companies that can identify efficiencies and inefficiencies will be able to react to the challenges of the global market place, thus generating higher profits. This course is an introduction to Practical Cost Management techniques designed to help the participant better understand the underlying dynamics of cost using recent events and role-playing techniques.

Designed For

Operating managers, field personnel, project managers, technology managers, budget managers, or anyone wanting to manage costs more efficiently and effectively. A familiarity with finance is helpful but not required.

Course Objectives

• Upon completion, you will know how to:
• Differentiate cost classifications and cost drivers
• Determine and monitor the behaviour of costs
• Build your own activity dictionary
• Design management control system that works
• Develop and implement the principles of Activity Based Cost Management (ABCM)
• Analyse capital projects using the proper tools and techniques
• Manage costs
• Develop tools to use for managing costs Evaluate costs for effectiveness