Professional Diploma in Economic & Cost Management [PDECM]-Self Paced

Objectives:

• Develop Foundational Knowledge in Economics: Equip participants with an understanding of basic economic principles, including the role of money, market systems, and macroeconomic factors.
• Enhance Managerial Economics Skills: Teach the application of economic concepts to managerial decision-making, business strategy, and problem-solving in real-world scenarios.
• Understand Scarcity and Resource Management: Explore the concept of scarcity and its implications for economic choices and resource allocation.
• Master Cost Management Techniques: Provide comprehensive knowledge of cost management accounting, control techniques, and cost reduction strategies.
• Gain Financial Management Competency: Teach principles of financial management, including the time value of money, interest rates, and cost of capital, to support sound financial decisions.
• Apply Economic Concepts to Business: Develop skills to analyze and respond to economic conditions affecting businesses, from microeconomic market dynamics to broader macroeconomic trends.
• Learn Implement Operational Cost Reduction: Teach practical tools and strategies for reducing operational costs, such as waste control, 5S methodology, and capacity planning.
• Cost Accounting Practices: Understand the essentials of cost accounting, including accounting for materials, labor, and overheads.

Units & Modules:

U-1: Introduction to Economics
M-1: Foundations of Economics
M-2: Economics Money Matters
M-3: Economics the Social Science
M-4: Basic Economic Concepts

U-2: Introduction to Managerial Economics
M-5: Introduction to Managerial Economics
M-6: Meaning, Scope & Methods of Managerial Economics
M-7: Managerial Economics & Business Strategy
M-8: The Nature and Scope of Managerial Economics

U-3: Scarcity, Economics & Managerial Economics
M-9: Economics, Scarcity and Choices
M-10: Scarcity and the Science of Economics
M-11: Managerial Economics Consumer Demand
M-12: Managerial Economics A Problem-solving Approach

U-4: Essentials of Cost Management
M-13: Fundamentals of Cost Management
M-14: Cost Management Accounting and Control
M-15: Cost Management Basics
M-16: Cost Management- A Culture to be Nurtured

U-5: Financial Management
M-17: Introduction to Financial Management
M-18: Time Value of Money
M-19: Interest Rate and Risk of Return
M-20: Cost of Capital

U-6: Business Economics
M-21: The Economic & Business Environment
M-22: Micro Economics – The Market System
M-23: Micro Economics – The Limitations of Market
M-24: Introduction to Macro Economics

U-7: Cost Accounting
M-25: Introduction to cost accounting
M-26: Accounting for Material
M-27: Accounting for Labor
M-28: Accounting for Overheads

U-8: Operational Cost Reduction: Tools and Strategy
M-29: Traditional Cost Management Systems
M-30: Waste Control for Cost Reduction
M-31: 5S for cost reduction
M-32: -Capacity planning and cost reduction

       www.profqual.org.uk

Features:
Duration: 6 Months
Modules: 32
Short Video Materials: Yes
Mode of Learning: Self-Paced

Post Completion:

• Electronic Certificate
• Digital Badge via Credly.com
• Printed Certificate available

Exam Method:
Number of Exams: 08 (Each unit has One Exam)

• Number of Questions: 20 MCQ Questions + 2 Written Questions (Each Exam)
• MCQ Question Mark: 2 * 20=40
• Written Question Mark: 30 * 2= 60
• Exam Duration: 60 Minutes
• Total Marks: 100 (Each Exam)
• Pass Mark: 50%

Assignment: 

• Total Assignments: 
• 1 Pre-Course Assignment (Learning Purpose)
• 1 Capstone Projects
  • Each Assignment Marks: 300
  • Pass Mark: 50%