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

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.

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

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.
   

This program is Validated and Quality Assured by ProfQual - UK. [www.profqual.org.uk]

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

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%

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."

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