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

The Professional Diploma in Economic & Cost Management (PDECM) is designed to provide participants with a strong foundation in economics, cost management, and financial decision-making. The course integrates the key principles of economics, financial management, managerial economics, and cost accounting to enable participants to make informed business decisions and manage costs effectively.
This comprehensive program is tailored for business professionals, financial analysts, and decision-makers who seek to enhance their understanding of economic forces and cost structures. Participants will gain expertise in micro and macroeconomics, managerial economics, cost accounting, and financial management. The course emphasizes practical applications of economic theories and cost management strategies to improve operational efficiency, drive business performance, and ensure financial sustainability.

By the end of this program, participants will be able to:
- Understand the foundational concepts of economics and how they apply to business.
- Analyze microeconomic and macroeconomic factors influencing business decisions.
- Apply managerial economics to improve business strategies and market positioning.
- Develop cost control measures and budgeting techniques for cost reduction.
- Manage financial risks and understand the impact of interest rates and returns.
- Analyze and manage costs associated with business operations.
- Apply financial management techniques to maximize business profitability.
- Develop strategies for cost reduction and financial efficiency.
- Apply cost management principles to improve operational performance.
- Develop strategic plans to align business goals with market opportunities.

M-1: Foundations of Economics

M-2: Economics Money Matters

M-3: Economics the Social Science

M-4: Basic Economic Concepts

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

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

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

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

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

M-25: Introduction to cost accounting

M-26: Accounting for Material

M-27: Accounting for Labor

M-28: Accounting for Overheads

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

Pre-Course Assignment

32 Practical Focus Module
2 Reference Book
Post Completion:
- Electronic Certificate
- Digital Badge via Credly.com
- Printed Certificate Available
- Printed Transcript Available

- Economic Analysis
  - Understanding market forces and economic drivers.
- Cost Management
  - Developing strategies to reduce and control costs.
- Managerial Decision-Making
  - Using economic data to make informed business decisions.
- Financial Management
  - Managing funds, budgeting, and financial performance.
- Strategic Business Planning
  - Aligning business goals with market opportunities.
- Operational Efficiency
  - Improving business processes and productivity.
- Risk Management
  - Identifying and mitigating financial and operational risks.
- Performance Measurement
  - Analyzing business performance using key financial indicators.

Upon completion of the program, participants will be able to:

Apply foundational economic principles in business decision-making.
Develop strategic business plans using managerial economics insights.
Analyze and control costs through effective cost accounting practices.
Implement budgeting and financial management strategies to improve profitability.
Identify and manage risks associated with business operations.
Improve business performance through operational cost reduction.
Develop competitive strategies based on market and economic analysis.
Utilize cost management tools to enhance business efficiency.
Interpret financial reports and business performance indicators.
Formulate business strategies based on economic and financial data analysis.

Features:

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

Assignment:

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

Name: James Mwangi
Designation: Business Analyst
Country: Kenya
"The course provided me with practical insights into cost management and economic analysis, helping me improve business performance."

Name: Abigail Mensah
Designation: Financial Manager
Country: Ghana
"Understanding financial and economic concepts has enabled me to make better business decisions and improve financial efficiency."

Name: David Banda
Designation: Business Consultant
Country: South Africa
"The course’s emphasis on cost control and business strategy helped me develop better financial plans for my company."

Name: Sarah Okeke
Designation: Financial Controller
Country: Nigeria
"Learning cost reduction and budgeting strategies has significantly improved our company's financial performance."

Name: Joseph Kamau
Designation: Operations Manager
Country: Tanzania
"The course’s focus on operational efficiency and economic analysis has helped me align business operations with market opportunities."

Exam Guideline

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%

Our Offices

UK Registered Office

Uk Registered Office

Office 2677A, 182-184 High Street North, East Ham, London E6 2JA. UK

+02034320868

info@worldacademy.uk

UK Operational Office

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Bangladesh Contact Office

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Malaysia Contact Office

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Ghana (Accra) Contact Office

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Ghana (Eastern Region) Contact Office

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Tanzania Contact Office

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Uganda Contact Office

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Nigeria Contact Office

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Kenya Contact office

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kenya@worldacademyuk.com

Philippines Contact office

10F IBP (Integrated Bar of the Philippines) Tower, Jade Road, Ortigas Center,Pasig City, Philippines

philippines@worldacademyuk.com

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