Advanced Manufacturing – the use of advanced technologies in manufacturing – has not only enabled factories to produce more technically sophisticated products, but also allow them to adjust their production more flexibly. Flexible manufacturing gives companies an edge as it adjusts to customers demand for greater variety, faster product introduction, and shorter product life cycles, while maintaining a consistently high product quality. This competitive edge can turn into competitive advantage if cost is kept low at the same time and pricing set at a competitive level. However, investment in Advanced Manufacturing does not come low and justifying it may pose a challenge for Management. This course provides an Overview of Manufacturing Accounting, Discuss the Cost Impact from adoption of Advanced Manufacturing, Explores Issues affecting the Investment Decision and Introduces the Techniques to evaluate it. Finally, it recommends using an Activity Based Costing System to track and refine product costing, to allow companies to make better pricing decisions for more competitive wins in the market place.
1.Understanding the various Aspects of Manufacturing Accounting
2.Understanding the Positive Impact on Cost Drivers from introduction of Advanced Technologies
3.Understanding the other Not-so-Easily Quantifiable Benefits of Advanced Manufacturing
4.Building a Financial Investment Case for Advanced Technologies & Evaluation of it via Discounted Cash Flow Techniques
5.Sharpening a Company’s Competitive Advantage via Better Costing System and Better Pricing Decision
Plant Managers, Operations/Technical Managers, Plant Engineers & Business Analysts.
1)The Manufacturing Profit & Loss (P/L)
-Actual vs Standard Costing
-Inventory Valuation (Marginal vs Full Absorption)
-Manufacturing Variances in Standard Costing
-Significant Manufacturing Cost Items to Watch
-Cost Reductions (Sourcing, Productivity, Efficiencies)
2)Financial Benefits of Advanced Manufacturing
-Impact on Manufacturing Cost Drivers
-Impact on Inventory Cost
-Other Qualitative & Indirect Financial Benefits
3)Justifying Capital Investment in Advanced Manufacturing
-Financial Measures: Traditional vs Advanced Manufacturing
-Capital Evaluation of Advanced Manufacturing Investments
a)Cost of Capital
b)Concept of Cash Flows / Time Value of Money
c)Building Up a Financial Investment Case
d)Net Present Value (NPV)
e)Internal rate of Return (IRR)
4)Better Costing System, Better Pricing Decisions
a)Direct & Indirect Costs in Manufacturing
b)Activity-Based Costing System
-Comparison with alternative method
c)Pricing Methodologies – an introduction
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SkillsFuture Credit (if applicable):
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Dave Yeo is a Fellow of CPA Australia, and brings with him more than 18 years of industrial experiences in various public-listed, world-class business organizations such as ExxonMobil, Honeywell and Textron Inc. He has held senior management positions in Accounting, Finance and Internal Controls both in Singapore and China.
Dave holds a Master of Business Administration degree majoring in Accounting from Monash University, Australia, and a Bachelor of Business Administration degree from the National University of Singapore. A final- year Doctorate candidate with the University of Newcastle, Australia, Dave’s research interest is in the area of Strategic Finance.
Besides possessing an aptitude for continuous learning, Dave is very passionate about teaching and enjoys sharing his extensive working knowledge and experiences on the subjects he teach. He is known to communicate and relate particularly well with adult learners.
Dave has always been involved with in-house training in the companies he worked for, on such subjects like Accounting, Costing, Corporate Finance, Budgetary Controls and Capital Budgeting. Whilst working in China, he was a faculty member of the ExxonMobil University in Southern China for 3 years. Currently, he doubles up as a Lecturer for Management Accounting in his company’s EMBA program for corporate talents.
Under NTU's Centre for Continuing Education, Dave has conducted classes in Financial Planning, Accounting, Costing & Budgetary Controls, Corporate Finance, and Financial Management for organizations like the International Association of Registered Financial Consultants, AIA, MediaCorp, Republic of Singapore Air Force, the Competition Commission of Singapore and the Republic Polytechnic.