1.1 explain the importance of costs in the pricing

1.1 explain the importance of costs in the pricing strategy of an organisation

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Learning outcomes Assessment criteria

1 Be able to apply cost concepts to the decision-making process

1.1 explain the importance of costs in the pricing strategy of an organisation

1.2 design a costing system for use within an organisation

1.3 propose improvements to the costing and pricing systems used by an organisation

2 Be able to apply forecasting techniques to obtain information for decision making

2.1 apply forecasting techniques to make cost and revenue decisions in an organisation

2.2 assess the sources of funds available to an organisation for a specific project

3 Be able to participate in the budgetary process of an organisation

3.1 select appropriate budgetary targets for an organisation

3.2 participate in the creation of a master budget for an organisation

3.3 compare actual expenditure and income to the master budget of an organisation

3.4 evaluate budgetary monitoring processes in an organisation

4 Be able to recommend cost reduction and management processes for an organisation

4.1 recommend processes that could manage cost reduction in an organisation

4.2 evaluate the potential for the use of activity-based costing

5 Be able to use financial appraisal techniques to make strategic investment decisions for an organisation

5.1 apply financial appraisal methods to analyse competing investment projects in the public and private sector

5.2 make a justified strategic investment decision for an organisation using relevant financial information

5.3 report on the appropriateness of a strategic investment decision using information from a postaudit appraisal

6 Be able to interpret financial statements for planning and decision making

6.1 analyse financial statements to assess the financial viability of an organisation

6.2 apply financial ratios to improve the quality of financial information in an organisation’s financial statements

6.3 make recommendations on the strategic portfolio of an organisation based on its financial information