Innovations Roadmap: Front End – Costing

Costing is used by companies to keep track of where their money is being spent in the development, production and distribution processes. Understanding these costs is the first step in being able to control them. Most innovations result from a conscious, purposeful search for new opportunities. Peter Drucker, best-selling author and management guru, has noted that because innovation is both conceptual and perceptual, would-be innovators must go out and look, ask and listen.

An important part of the innovation process is the costing of an innovation initiative. Successful innovators look at figures. They look at people. They analytically work out what the innovation must be to satisfy the opportunity. Then they go out and look at potential product users to study their expectations, values, and needs. A well-defined cost-estimating process to forecast resource requirements and for developing and fielding innovation is critical for the success of an initiative.

The Innovations Roadmap is an online program designed to equip senior management executives with the inspiration and skills needed for the successful adoption of innovation. There are 29 modules divided into 3 sections: Front-End, Development, and Commercialization.

Here you gain access to one of the ten modules included in Section One: Front End – Click Here for the Full Innovations Roadmap

Section One: Front End – Module Two – Costing Includes:

After you complete this course, you will be able to:

• Understand the concepts related to costing such as revenue, expenses, fixed and variable costs
• Be able to develop a costing for an innovation project
• Be able to analyze and forecast costs for variables such as materials, marketing, research and packaging.
• Develop an understanding of the range of scenarios that are possible when costing a project and how to manage the costing each scenario.

Course Outline & Major Topics

• Introduction
  • What is a Costing process?
  • Why is it important?
• Get Started
  • How does costing relate to an innovation project?
  • Factors to consider
• Learn
  • Qualitative Audit
  • Quantitative Audit
  • Influencers of success
• Practice
  • Case Study on Natural Dietary Foods
• Apply
  • Capacity Review
  • Budget Worksheet

Who Should Take This Course?

• Innovators
• Team Members & Leaders
• Small Business Owners

*Become a member to receive 20% off