CICU Conducts Training Program on Structured Costing of Products & Services

Ludhiana, April 2, 2016: Chamber of Industrial & Commercial Undertakings conducted Training Program on Structured Costing of Products & Services at CICU Complex, Focal Point, Ludhiana.
Sh.Avtar Singh President CICU in his inaugural speech said that India is a fast growing economy. Hence, Business Opportunities are increasing in our country. At the same time business environment is getting more competitive. Business in terms of Volume/Turnover is growing but the margins are shrinking and profits are declining. One factor that needs our immediate attention is Cost Pressure, which has become one of major challenges in today’s manufacturing business. In order to meet the price reduction challenge, it is imperative that the manufacturers, suppliers and service providers must study and implement the structured costing of their products and services to reduce the cost through continuous Improvements.
Sh. Upkar Singh Ahuja, General Secretary CICU said that the detailed cost analysis of product and services by applying various analytical skills to make the product cost realistic, competitive with acceptable quality will help to improve the cost. These benefits are achieved though continuous improvement through Total Employees Involvement (TEI). CICU is committed to enhance global competitiveness of its members. The Objective of this program is to aim for enhancement of capability of participants in terms of understanding & Implementation. The world famous Toyota Manufacturing System (TPS) if followed improves profitability and quality of products through improvement in factory operations and JIT supplies from its vendors. If the knowledge explained in the program, implemented practically, will definitely benefits the participants. He further said that this training will enable the participantsto introduce cost reduction methods for promoting a new, more creative and effective approach to deliver superior values and maximum gains to their organizations.
The interactive & thought-provoking program was conducted by Sh. S.B Singh, who is BE Mech., MBA (Op. MGMT) MSc. (I.T) a Lean Manufacturing Consultant, approved from NPC & QCI and Design Consultant approved by National Institute of Design. He is an author of a book “How to Improve MSMEs” with more than 25 years of Experience and Sh. Harish Baweja, who is a qualified Chartered Accountant having 10 years rich experience of Cost Accounting and Financial Management. He has been auditing many public sector banks and industries for Cost and Financial Management Strategic Decisions.
They explained in details Different components of Product/Service Costing, Realistic base for allocating overheads, How to reduce various costs applying analytical skills, Product Cost & Business Decisions, Product Cost viz-a-viz Exports, Make or Buy or out sourcing of products/services decisions, ABC Costing and its benefits and Some Success Stories.
More than 45 participants comprising proprietors, partners, directors, general managers, cost and works managers, plant heads and senior level mangers representing various industries and trade sectors of Punjab attended this program.
The participants appreciated the extensive knowledge discussed in the program and assured to implement the same in their respective organizations.