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Corporate Profile

Background to the formation of the Institute

There is no gainsaying the fact that the need to effectively managed cost in Nigeria has become a major issue. In the past lip service has been paid to the imperativeness of addressing in a strategic manner how to position cost management in the socio-economic and political decision making process.

Cost management has been defined by several experts. Hilton et.al.., (2000) defined Cost management as a philosophy, an attitude and a set of techniques to create more value at lower cost. Cleary (2002) opined that cost management is managing cost including people as an investment in customer value, at a price that reflect profitable business and as a tool for competitive advantage. Omoregie (2000) described effective cost management as the comprehensive appreciation of cost as a vital element with a deliberate effort aimed at ensuring that it is commensurate with the level of activity of an organization. It must be understood that managing cost requires the requisite skill and experience in the art of cost management.

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Charted Institute of Cost Managers of Nigeria CICMN.

CICMN

Formation, Objectives & Mission of the Institute

Aimed at advancing the best practice of cost management in line with the aspiration of government and people of Nigeria.

Formation

During the year 1999, burdened by the need to place cost management practice in the forefront of economic development, the then incumbent President and Chairman of the Board of Trustees of the Institute Nosa Victor Omoregie, a Fellow of The Institute of Chartered Accountants of Nigeria conducted an independent analysis into the reasons why the country has not benefited from this advanced resource management thought and the potential impact of embracing and institutionalizing cost management practice in economic development process.

Objectives

• To effectively promote and advance Cost.
Management practice and consciousness.
• To conduct researches and studies in advanced Cost Management practice.
• To educate through conferences, symposia, seminars and other forms of enlightenment programmes, managers of businesses and organizations both in the private and public sectors of the economy on the best practice of Cost Management.
• To provide the forum for the interaction of Cost Management practitioners locally, regionally, and globally.

Our Mission

Developing an integrated multi-discipline and cross-functional cost management practice for the maximization of bottom-line and performance.

The involvement of all functions in the value chain of organizations/institutions in the appreciation of cost as a vital focus for economic development is a distinguishing feature of the cost management practice of the institute.

Aimed at advancing the best practice of cost management. Become A Member

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Meet Our Leadership

The membership of the institute is drawn from those within the managerial cadre and also those in management projection cutting across all disciplines..
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Cost Management
Capacity Development In Nigeria

Over the years of the existence of the Institute, it has embarked on several cost management capacity building initiatives aimed at narrowing the Knowledge, Skill and Attitude (KSA) gap that had hitherto prevailed in the country.
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Impacts

Economic Impact of Cost Management Institutionalization

The essence of the institutionalization of cost management practice with multi-disciplinary perspective is founded on its importance and relevance to the efficient Management of economic resources.
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Benefits

Visible Benefits Since the Existence of the Institute

  • Injection into the economy men and women with cost management mindset
  • Produced professional specialization in cost management
  • Generated the much needed cost management awareness and sensitization for optimum resource utilization
  • Impacted on over five thousand (5,000) Nigerians cost management, knowledge, skill and attitude of world class within one year of its existence.
  • Made positive contribution in economic discuss towards the development of the home grown economic blue print.
  • Provided employment to Nigerians.

Master Plans

Seven Points Cost Management Master Plan

It is important to throw more light on the Seven Points Cost Management Master Plan that would form the bedrock of continued focus in the realization of the Vision.
  • Not less than 40, 000 Cost Managers in year 2020
  • Position Cost Management Strategically in the Socio Economic and Political system
  • Develop a comprehensive Cost Management Mindset nationwide
  • Adequate funding of researches in advanced Cost Management strategies
  • Promote Cost Management studies in academic Institutions
  • Eliminate corruption through Cost Management Professionalism
  • Capacity development in modern and evolving Cost Management Tools and Techniques
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Upcoming Events

A project is a temporary endeavor with a defined beginning and end, scope, and assigned resources.
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