Course Objectives

At the completion of this course, students will be able to:

• Learn how cost management methods and practices are used to help a firm succeed.
• Apply appropriate cost management methods in planning and decision-making, preparation of financial and management reports, and management and operational control. Explain how value (cost) engineering is used in the design stage of a product to create value for a product.
• Explain how value (cost) analysis is used after the design stage of a product to increase the value for a product.
• Explain how value (price) analysis is used by a buyer as a method of price analysis in order to determine the better/best value among competing products.
• Explain how net present value analysis is used to determine which capital investment projects should be funded and supported by the organization.
• Explain how earned value analysis is used to track cost expenditures in a project.