Prerequisites to the program are those skills that Cost Management professionals should possess just to start out in the profession and form the basis of any career. A quick look at the items that makeup the prerequisites are;
- Statistics, including the pareto distribution – Statistics are generally required in any undergraduate business class which makes sense since any data analysis requires a good understanding of statistics. For some reason though, the Pareto distribution, or 80/20 rule, which is vital in proper interpretation of business data is usually not included, that is why we included it here.
- Micro and MacroEconomics – For any competitive analysis and for a good understanding of where the firm and individual products function in the market, it is important to have a good grasp of economics, this would also include Managerial Economics. If you don’t grasp supply and demand you are in trouble.
- Industrial Economics – A more specific economic understanding of the firm, the product and the marketplace. A study of this nature is not generally required for a college degree although it should be. It is even difficult to find books and articles on this subject.
- Basic Accounting – This should be obvious, but an understanding of basic accounting is important to your career.
- Incentive Management – College professors always talk about the advances made using the Lincoln Electric Incentive Management approach, but in reality very few firms put this into practice. We think they should.