This course is equivalent to PEMAC Maintenance Management Professional Certification Program Module 4: Financial Management for the Maintenance Manager. This module focuses on the application of accounting and finance principles as it pertains to the maintenance management role. The module will give you an understanding of the foundation principles of accounting and cover the four main pillars of accounting knowledge the maintenance manager needs to support a successful maintenance department. These four main pillars are: Project Analysis, Budgeting/ Forecasting, Cost Analysis for Managerial Decisions, and MRO Inventory. Additional topics include: basic understanding of accounting principles; understanding how costs flow in an enterprise system; project analysis; budgeting/forecasting; cost analysis for management decisions; and MRO inventory management.
- 60% in PEMA 1000
Below is one offering of PEMA 2020 for the Winter 2023 term.
Wed Feb 15 - Wed Apr 19 (10 weeks)
- 10 weeks
- CRN 73930
Class meeting times
|Feb 15 - Apr 19||Wed||18:45 - 21:45||Online|
- Internet delivery format.
Students are required to purchase textbook/workbook prior to first class. All materials are available at the BCIT bookstore: www.bcitbookstore.ca/bcit/ Please contact the Program Assistant at firstname.lastname@example.org for more details regarding the course material such as textbooks. Please note: The delivery format for this course is ONLINE DELIVERY for the Winter term. This is an instructor-led online course. Upon registration, please visit the Learning Hub (learn.bcit.ca) for further information regarding course material(s). BCIT reserves the right to cancel courses. In the event of a course cancellation, you will be notified at least two business days prior to the course start. Please ensure that your contact information is current.
This course offering is full. Please check back next term or subscribe to receive email updates.
Upon successful completion of the course, the student will be able to:
- List the 4 Pillars, or financial activities, that are key to the maintenance department's contribution to financial success of the company.
- Perform a cost-volume-profit analysis.
- Build a financial case for purchasing needed equipment (capital projects) based on payback, Internal Rate of Return, or Net Present Value.
- Define financial and management accounting as well as the key principles and terminologies that are relevant to the work of the maintenance manager.
- Read and understand corporate financial statements.
- Define the key terms necessary to relate typical budgeting and spending activities to the financial statement of a company. Examples include: balance sheet, income statement, double entry accounting, assets, liabilities, revenues, expenses, chart of accounts, depreciation and amortization.
- Participate productively in all phases of the budget cycle: planning, spending, analyzing costs and making corrections.
- Discuss the limitations of using financial accounting information in measuring performance.
- Evaluate short-term managerial decisions using relevant costs.
Effective as of Winter 2016
Financial Management for the Maintenance Manager (PEMA 2020) is offered as a part of the following programs:
School of Energy
- Maintenance Management Professional
Statement of Completion Part-time
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Programs and courses are subject to change without notice.