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This course is equivalent to PEMAC Maintenance Management Certification 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.
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 Aggie Konings at email@example.com for more details regarding the course material such as textbooks. BCIT reserves the right to cancel courses. In the event of a part-time studies 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 in progress and full. Please check back next term or subscribe to receive email updates.
In Progress and Full
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
PEMA 2020 is offered as a part of the following programs:
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