Master
2019/2020
Strategic Cost Management
Type:
Elective course (Finance)
Area of studies:
Finance and Credit
Delivered by:
Department of Finance
When:
2 year, 1 module
Mode of studies:
offline
Instructors:
Ivan D. Kotliarov
Master’s programme:
Finance
Language:
English
ECTS credits:
4
Contact hours:
40
Course Syllabus
Abstract
The purpose of the academic discipline "Strategic Cost Management" is to form the foundations of professional competencies in the field of cost management, as well as research, analysis and pedagogical activity in the field of cost management. The course consists of lectures and tutorials. The tutorials involve student presentations (in small groups), problems solving, case analysis and the individual assignment (project).
Learning Objectives
- To form a set of theoretical knowledge necessary to understand the nature of costs and the basics of managing them.
- To form skills of using the mathematical apparatus necessary for the purposes of strategic management of costs, making presentations about modern cost management tools.
Expected Learning Outcomes
- To set of theoretical knowledge necessary to understand the nature of costs and the basics of managing them.
- To develop skills of using the mathematical apparatus necessary for the purposes of strategic management of costs and preparing presentations about modern cost management tools.
Course Contents
- Topic 1.The Essence of Strategic Cost ManagementStrategic and operational levels of cost management. Nature of strategic cost management. Goal and tasks of strategic cost management. Part of the strategic cost management within strategic management. Tools of strategic cost management. Information basis of strategic cost management.
- Topic 2.Strategic Cost Management in the Firm's Strategy Implementation SystemConcept of strategy. Types of strategic missions.Strategic mission as a basis for strategic planning and for budgeting. Competitive advantage strategy and strategic cost management. Competitive strategies and strategic cost management.
- Topic 3.Strategic Cost Management Based on the Value Chain ConceptCompany micro-environment. Strategic aspects of value chain analysis. Methodology of setting up a value chain within an industry (assets, centers of value, cost).
- Topic 4. Analysis of Cost-Creating FactorsCost factors as an element of strategic cost management. Structural factors.Functional factors. Models of financial relations.Selection of partners. Tenders. Traditional and strategic models of cost management.
- Topic 5. Analysis of Breakeven Solutions in PricingClassification of costs for pricing. Dynamics of factors of production. Breakeven Solutions. Breakeven point. Calculation of turnover.
- Topic 6. Innovative Tools for Strategic Cost ManagementCompetition. Outsourcing.Electronic commerce. Virtualization of business. Advantages, disadvantages and fields of implementation of innovative tools.
Assessment Elements
- In-class participation
- Group presentations on different theoretical and practical problems of strategic cost management
- Written tests
- Final presentation
Interim Assessment
- Interim assessment (1 module)0.3 * Final presentation + 0.25 * Group presentations on different theoretical and practical problems of strategic cost management + 0.2 * In-class participation + 0.25 * Written tests
Bibliography
Recommended Core Bibliography
- Amir, A., Auzair, S. M., & Amiruddin, R. (2016). Cost Management, Entrepreneurship and Competitiveness of Strategic Priorities for Small and Medium Enterprises. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsbas&AN=edsbas.ADCBFD25
Recommended Additional Bibliography
- Anderson, M., Asdemir, O., & Tripathy, A. (2013). Use of precedent and antecedent information in strategic cost management. Journal of Business Research, (5), 643. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.a.eee.jbrese.v66y2013i5p643.650
- Pinedo, M. (2013). Global Asset Management : Strategies, Risks, Processes, and Technologies. [Basingstoke]: Palgrave Macmillan. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=659271