Cost management

Cost Management is the process whereby companies use cost accounting to report or control the various costs of doing business.The term cost management is widely used in business today. Unfortunately cost management has no uniform definition. Cost management generally describes the approaches and activities of managers in short run and long run planning and control decisions that increase value for customers and lower costs of products and services. For example, managers make decisions regarding the amount and kind of material being used, changes of plant processes, and changes in product designs. Information from accounting systems helps managers make such decisions, but the information and the accounting systems themselves are not cost management.
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