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COST MANAGEMENT

 

The topic of cost management involves a number of elements of cost analysis and measurement, as well as cost control and reduction. These are depicted below. After this introductory section, each of these elements will be covered in detail.

Overview of cost management

What is a cost?

What is cost management?

Cost management is about managing a company's costs in order to maximize profitability.

Cost management consists of:

How is cost management relevant to all businesses?

Cost control and reduction

With an understanding of the relationships between business costs and performance, management can assert control over costs to maximize performance and thereby:

What are the expected benefits of efficient cost management?

What are the consequences of inefficient cost management?

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