Guimaras State University- College of Business and Management took a proactive approach to empowering the East Valencia National High School community by conducting a training on Product Costing and Pricing. The training, held on February 8, 2023, at the East Valencia National High School in East Valencia, Buenavista, Guimaras, was facilitated by the College of Business and Management. The initiative aimed to equip faculty members with the skills to accurately determine the cost of producing goods and services, ultimately allowing them to set fair prices and maximize profits. This knowledge transfer was intended to ripple out into the community, benefiting students and their families as well.
The training program, a collaborative effort of the university’s College of Business and Management, emphasized the importance of product costing and pricing for businesses. Faculty members were introduced to essential concepts like identifying specific expenses, understanding the relationship between cost and price, and developing pricing strategies. This knowledge is crucial for businesses to make informed decisions about resource allocation and pricing, ultimately leading to greater profitability and sustainability.
The training involved lectures and workshops led by faculty members from the College of Business and Management. Participants, including 26 faculty members, actively engaged in interactive sessions, learning to apply these principles to their own teaching and eventually sharing this knowledge with students and their families. The training emphasized a practical approach, empowering faculty members to apply these concepts to real-world scenarios.
The training received positive feedback from participants, who expressed their appreciation for the valuable skills gained. They expressed confidence in their ability to apply these principles in their own teaching and personal lives. The initiative was viewed as a positive step towards fostering sustainable development within the community, empowering individuals to make informed economic decisions and contribute to economic growth.
The success of the “Training on Product Costing and Pricing” program highlights the importance of community engagement and the role of education in fostering a more informed and responsible approach to economic activities within the community. The program’s impact extends beyond the immediate participants, as faculty members are equipped to share these valuable skills with their students and families, creating a ripple effect of positive change within the community.
