Teaching Responsibility
LJMU Schools involved in Delivery:
LJMU Partner Taught
Learning Methods
Workshop
Module Offerings
5501AFYPC-SEP-PAR
Aims
1. To demonstrate the importance of costs and drivers of costs in the production, analysis and use of information for decision-making in organisations.
2. To provide competencies on how to analyse information on costs, volumes and prices to take short-term decisions on products and services and to develop an understanding of risk on these decisions.
3. To use budgeting as a means of short-term planning to execute the strategy of organisations.
Learning Outcomes
1.
Discuss costing methods and their results.
2.
Explain concepts of cost and revenue relevant to pricing and product decisions
3.
Analyse information to assess risk and its impact on short-term decisions.
4.
Apply standard costing techniques including the reconciliation of budgeted and actual figures, distinguishing between planning and operational variances.
Module Content
Outline Syllabus:Information e.g. what is good information, risk management of including TARA and Big Data
Behavioural aspects of budgeting including discussion of controllable and uncontrollable costs, ‘budget padding’.
Linear regression and times series analysis
Standard costing and variance analysis (calculation and interpretation) e.g. material, labour, variable, fixed, sales, mix, yield, operational and planning, interpretation, interrelationships and criticisms.
Job and batch costing.
Activity based costing, activity based budgeting and activity based management & its use in improving the efficiency of repetitive overhead activities.
Process Costing including joint and by-products, waste and scrap, valuation of WIP (EU’S) using weighted average and FIFO.
Relevant Costing.
Pricing strategies and advanced pricing strategies.
Risk and uncertainty e.g. decision models, decision trees and networks, Bayes theorem, risk and payoff tables, effect of risk attitudes of individuals on decisions.
Module Overview:
1. To demonstrate the importance of costs and drivers of costs in the production, analysis and use of information for decision-making in organisations. 2. To provide competencies on how to analyse information on costs, volumes and prices to take short-term decisions on products and services and to develop an understanding of risk on these decisions. 3. To use budgeting as a means of short-term planning to execute the strategy of organisations. The coursework provides an opportunity for formative feedback; the examination is the terminal summative assessment. This course aims to provide a detailed study of the production of management accounting information for planning, control, and decision making; discussion of the concepts which underpin management accounting theory leading into third level studies.
1. To demonstrate the importance of costs and drivers of costs in the production, analysis and use of information for decision-making in organisations. 2. To provide competencies on how to analyse information on costs, volumes and prices to take short-term decisions on products and services and to develop an understanding of risk on these decisions. 3. To use budgeting as a means of short-term planning to execute the strategy of organisations. The coursework provides an opportunity for formative feedback; the examination is the terminal summative assessment. This course aims to provide a detailed study of the production of management accounting information for planning, control, and decision making; discussion of the concepts which underpin management accounting theory leading into third level studies.
Additional Information:The coursework provides an opportunity for formative feedback; the examination is the terminal summative assessment.
This course aims to provide a detailed study of the production of management accounting information for planning, control, and decision making; discussion of the concepts which underpin management accounting theory leading into third level
studies.