Cost Management: A Strategic Emphasis 5th Edition by David Stout, Edward Blocher, Gary Cokins

Exercise 41

What does the term cost management mean? Who in the typical firm or organization is responsible for cost management?

Step 1 of 4

Cost management

Cost management means management of the cost that is it is the process of estimating of the cost, allocation of the cost, and controlling of the cost of the project. The aim of the cost management is to predict the expense related to the project and effort made to control over the cost and kept under the budget. Cost management is important for every concerned who is involved in the project. Without the cost management company will suffer losses and also customer will not obtained the product at reasonable price. As we can say that cost management set the way for the firm.