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

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

The Professional Diploma in Economic & Cost Management program provides practical insights into cost reduction strategies and tools for effective cost control, aiming to prepare professionals for decision-making roles that enhance economic and financial efficiency in various business environments.

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The Professional Diploma in Economic & Cost Management is a comprehensive program designed to equip participants with a deep understanding of economics, managerial economics, and cost management. This course covers fundamental topics such as economic principles, scarcity, cost management accounting, financial management, and business economics. It also provides practical insights into cost reduction strategies and tools for effective cost control. By focusing on both theoretical knowledge and practical applications, this diploma aims to prepare professionals for decision-making roles that enhance economic and financial efficiency in various business environments.

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

U-1: Introduction to Economics

U-2: Introduction to Managerial Economics

U-3: Scarcity, Economics & Managerial Economics

U-4: Essentials of Cost Management

U-5: Financial Management

U-6: Business Economics

U-7: Cost Accounting

U-8: Operational Cost Reduction: Tools and Strategy

       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%
Effort 6 Months
Live Chat Enabled
Regular Fee $ 420.00
Special Fee $ 320.00
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