Cost Management, Finance & Banking

Six Sigma Tool for Cost Reduction, Measurement and Estimation

This program provides managers with useful information to help them make better decisions, which often includes managing and controlling costs. This training also provides an overview of the basic terminology and concepts underlying Cost Measurement and Cost Estimation.

Course Outlines

Costs can be measured, or categorized, in a lot of different ways. For external financial reporting purposes, we must categorize cost according to whether it is a manufacturing or non-manufacturing cost. However, for internal managerial purposes, we often care about whether the cost is: variable or fixed, relevant or irrelevant to a particular decision and controllable or uncontrollable to a specific manager

Cost estimation is the process of trying to determine what factor (or factors) is causing cost to be incurred. We used several linear approaches to estimate costs, including:

• Graphical approaches
• The high-low method
• Simple and multiple regression

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