Cost management signification

Techniques of cost control
By providing accurate cost price information, strategic cost management empowers users to gain a clear understanding of financial data, thereby enabling informed decision-making.
A key advantage of embracing the strategic cost management approach is the creation of a competitive edge for companies..
What is the meaning of cost management?
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..
What is the significant of cost management?
Having a good cost management system in place makes it easier for an organization to estimate and allocate its budget.
Cost management is a form of management accounting that helps a business reduce the chance of going over budget with more accurate forecasts of impending expenditures..

Techniques of cost control