Financial and management issues in the aroma trades
The economic aspect of the Aroma Trades is key to any successful business and within this sector there are several factors unique to the industry that are not generally covered in standard business finance courses. In this module, you’ll gain the background knowledge required for this specialist context as you focus on the topic of financial management.
Finance and costing are first discussed in theory, so core characteristics of this important area are fully understood. Following this, you’ll learn more about costing within the aroma trades including key stages in the production and business process: costing areas covered range from formulations and batches to steam distillation, solvent extraction and other aspects of aroma chemical and essential oil production.
The module also covers fundamental aspects of financial management including budgets, investment appraisal, and time value DCF calculations to give you a fuller appreciation of this critical part of the industry.
“Participants from a finance background have found this module valuable to place their finance knowledge into a specific Aroma Trade context. Participants from a technical background find the module valuable by better understanding the financial implications of their activities and decisions. Individuals (Accounts and Technical staff) improve their professional capability, and the company gains increased profitably, by better management of the technical – financial continuum with better interdisciplinary understanding and communication.”
— Dr Tony Curtis, ICATS Principal Tutor
What is included
Studying with ICATS gives you ultimate learning flexibility. With no assignment hand-in dates or fixed exam at the end of the year, you’re free to work through your course modules at your own pace.
As an ICATS student, you’ll have the support of a tutor. Experts in their subjects, your tutor will guide you throughout your studies, giving you advice and research approaches for your final dissertation.
ICATS Learning Pack
All the course materials you’ll need are included in your ICATS Learning Package: workbooks, textbooks, monographs and sensory kit.
Focus on Industry
Financial success is a key goal for any business, and with this module you'll be able to fully appreciate how astute costing, budgeting and financial evaluation will have a positive impact on your company.
You’ll gain a full understanding of all aspects of costing at various stages in the aroma trades value chain, to streamline cost management in every stage of production
You'll be able to draw up simple budgets and calculate cash flows
You'll be prepared to evaluate investment proposals and estimate financial risk
Combine units and become Certified
Foundation science and mathematics for the Aroma Trades
Odour and Flavour language
Aroma materials of natural and synthetic origin
Flavour creation and evaluation
Fragance creation and evaluation
Application of flavouring materials in flavoured products
Application of aroma materials
Safety, Regulatory and Environmental Issues in the Aroma Trades
Operations, Logistics and Quality Assurance in the Aroma Trades
Business Environment and Marketing in the Aroma Trades
New Product Development in the Aroma Trades
Project management and the briefing process
Research methods and dissertation proposal