Cost Control

Course details

COURSE OBJECTIVES

• To understand how to solve management problems, using available data.
• To identify and evaluate where one finds useful data and how to interpret it.
• To understand the role costs play in determining budget and/or profit.

COSTS AND DECISION MAKING

Upon completion of this unit, each student will be able to:

• define the meaning of cost
• list the types of costs and define each
• separate fixed and variable costs

BUDGETING TO CONTROL COSTS

Upon completion of this unit, each student will be able to:

• describe the purpose of budget
• list and describe types of budgets
• list the advantages and disadvantages of budgets
• demonstrate how to develop a budget
• describe the budget fiscal year cycle and steps in development of a budget

PURCHASING, INVENTORYING AND HOW THEY AFFECT COST CONTROL

Upon completion of this unit, each student will be able to:

• define the role of purchaser
• list the steps in proper purchasing
• develop criteria in purveyor selection
• define "value analysis"
• describe ordering, receiving, and payments in cost control
• define and describe what the purchaser needs to know to control costs.
• list methods of purveyor and other forces
• identify control and how it affects purchasing
• demonstrate proper use of inventory control formulas

BEVERAGE COST CONTROL

Upon completion of this unit, each student will be able to:

• identify the major categories of beverages
• describe beverage sales mix
• describe proper beverage purchasing methods
• list methods of beverage theft and fraud (in cost)
• list control methods in beverage theft and fraud

LABOR COST CONTROL

Upon completion of this unit, each student will be able to:

• identify the trends in labor cost control
• determine the correct procedures in labor cost control
• identify labor cost %'s, their uses and what expenses are included in labor costs
• list the problems of productivity and their solutions to control costs
• define job analysis, job descriptions, and task procedures and how they control costs
• define and list the basis of standards and categories of labor cost control.
• define the use of a staffing guide, forecasting, schedules, turnover labor cost analysis in controlling labor costs
• describe the labor cost formula and apply it
• describe the turnover cost formula and apply it

MISCELLANEOUS COST CONTROL

Upon completion of this unit, each student will be able to:

• define direct costs and apply the definitions to real life situations
• define undisturbed expenses and describe them
• define ZZB and its applications and uses
• identify on actual statement analysis and how it works
• define long term investments and control
• define and explain asset management (long-term, current)
• define depreciation and how it applies to inventory and cost