Cost management meaning and importance

  • Cost management techniques

    Cost management is the process of estimating, allocating, and controlling project costs.
    The cost management process allows a business to predict future expenses to reduce the chances of budget overrun.
    Projected costs are calculated during the planning phase of a project and must be approved before work begins..

  • Techniques of cost control

    Strategic cost management (SCM) deals with measuring and managing costs and aligning them to the business strategy.
    The cost and management accounting information thus developed would help managers to understand and implement the strategy, diagnosis the performance and influence behavior and decisions..

  • What is cost and its importance?

    Cost is the value of money that has been used up to produce something or deliver a service, and hence is not available for use anymore.
    In business, the cost may be one of acquisition, in which case the amount of money expended to acquire it is counted as cost..


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