Overview
In this competitive age organizations are producing an increasing variety of products and services. Profit is the key factor which is a result of revenue minus cost. There is a vital need to measure the cost more accurately. One of the main ways companies around the world have refined their costing systems is through Activity Based Costing. Initially, Peanut-Butter Costing approach started to calculate and allocate costs to the product. It is the traditional approach of costing, under which a single indirect-cost rate to allocate cost to products often do not produce reliable cost data, the ripple effect is under-costing and over-costing. The problem needs a solution, which is called Activity Based Costing. It is one of the best tools for refining a costing system not only for Financial and Management accountants but also for Engineers associated with different projects. Activity Based costing system is applied by focusing on individual activities as the fundamental cost objects. An activity is an event, or unit of work or a task with a specific purpose. Under ABC the cost of individual activities are calculated and assigned to the product. These activities are known as Cost Drivers, which are responsible to accumulate cost. Teaching to Engineering; in all professions and trades; ABC is applicable and it can create excellence in finding out the real cost of a project.
About the speaker:
Munawar Hameed has 30 years Professional experience in training, teaching, mentoring,counseling, advising, delivering, online assessment, registration, student’s affairs, planning & development, executive education, marketing and public relations, faculty recruitment, administration, practical assignments, research (IFRS, IAS & Islamic Banking ) and quality assurance at different academic levels according to assessments & standards of top professional business schools, colleges and universities (Affiliated with University of Cambridge International Examinations, London School of Economics, Association of Chartered Certified Accountants- UK, University of Bradford, UK, Asia Pacific Institute of Information Technology- Malaysia, Higher Education Commission- Pakistan, & Ministry of Manpower ,Oman).
He is presentlyHead of Marketing and Public Relations- Oman College of Management and Technology, Barka, Oman, Director of Research and Liaison. ISACA-Muscat Chapter, Official Mentor for ACCA from Oxford Brookes University, UK. and the Knowledge Ambassador- Knowledge Oman.
The lecture will start promptly at 6.30pm.
