22753 Cost Management and Analysis

22753 Cost Management and Analysis

Spring 2024

Subject description

This subject examines the role of cost management and analysis practices used within organisations. The subject focuses on a range of quantitative techniques that use cost information for business planning and control, including cost classification cost estimation, product costing and pricing, standard costing and variance analysis. Students learn the basic principles underpinning these techniques, gain proficiency in applying them to analyse and solve practical organisational problems and learn how information and communications technology supports cost management and analysis in contemporary organisations.

Subject learning objectives (SLOs)

Upon successful completion of this subject students should be able to:

1. explain how cost accounting techniques support the achievement of organisational strategies and goals

2. apply a range of appropriate cost analysis techniques to solve practical problems faced by organisations

3. interpret and critically evaluate cost information to support managerial decision-making

4. understand and apply relevant information and communications technology tools to support cost accounting management and analysis

Course intended learning outcomes (CILOs)

This subject also contributes specifically to the following program learning objectives:

· Communicate accounting information and decisions clearly in an appropriate form to business stakeholders (2.1)

Contribution to the development of graduate attributes

This management accounting subject is designed to connect strongly to contemporary practices. The aim is to provide  knowledge and skills for a broad range of essential cost management and analysis practices. The subject is relevant to accountants and also to non-accounting managers. The overall focus is the modelling and analysis of complex cost behaviours.

This subject contributes to the development of the following graduate attribute(s):

· Intellectual rigour and innovative problem solving

. Social responsibility and cultural awareness

. Professional and technical competence

This subject also contributes specifically to develop the following Program Learning Objective(s) for the Master of Professional Accounting:

. Collaborate with peers and stakeholders to achieve desired business outcomes (2.2)

Teaching and learning strategies

This subject is designed on the philosophy that, to become practice-ready: (1) students learn best by using cost accounting tools common in practice and; (2) students learn best by solving cost modelling and analysis problems sourced from professional practice. This strategy aligns with the UTS Model of Learning for graduates to be “work-ready” and to provide a “practice-oriented education” . The group assignment task is a cost system design and analysis case study designed to encourage critical thinking about the textbook and lectures' content.

The subject is delivered through a three-hour seminar each week. Pre-assigned materials (readings, case studies and audio-visual) and learning tasks will also be made available for students to complete independently.

Students of this subject are required to:

. Attend all scheduled seminars

. Complete all subject assessments

· Check for announcements on the learning management system regularly

· Read the entire subject outline

Act in an ethical manner in the completion of the requirements of this subject and to not engage in any malpractice that will provide you with an unfair advantage over other students.

In particular, the University has strong policies regarding plagiarism and cheating, which can lead to severe penalties or expulsion.

It is expected that students will have read the online and/or other material that has been allocated for a particular week and are prepared to discuss those materials in seminars. Students must listen, take notes and actively participate in the weekly class. Students should be active in asking questions and participating in discussions. Students will need to learn a variety of theoretical concepts in order to solve the numerous and diverse practical problems contained in the subject.

Content (topics)

· Business processes and strategy

· Costing principles, behaviour and estimation

. Product costing and pricing

.  Job costing

.   Process costing

. Activity-based costing

· Standard costing and variance analysis

· Data analysis and reporting

. Datasets and database design

. Database management systems and documentation