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Cost Management is the planning, controlling, calculating, and management of cost in such a way as to maintain and increasing the profitability of an organisation. It’s about monitoring expenses, studying spending habits, and learning how to reduce waste while still maintaining quality.

Rational basics of the cost management

• Cost Estimation: Estimating project/business costs.
• Budgeting: Moneyfor value, and performance.
• Cost Control: Manage thecost to ensure the project is within budget.
• Reduced Cost: Find savings without decreasing productivity.

Cost Management Techniques

• Activity-Based Costing (ABC): Allocates costs based on activities.
• Standard Costing: Compares actual costs to predefined benchmarks.
• Target Costing: Sets cost targets based on market pricing.
• Lean Cost Management: Eliminates waste (e.g., overproduction, delays).

Benefits

• Improves profit margins
• Enhances financial decision-making
• Supports competitive pricing strategies
• Reduces unnecessary expenditures

Applications

• Project Management (e.g., construction, IT)
• Manufacturing (e.g., supply chain optimization)
• Retail & Services (e.g., overhead cost control)

Cost Management Tools & Industry

1. Advanced Cost Management Tools

Zero-Based Budgeting (ZBB)

• Every expense must be justified for each new period (no automatic budget approvals).

Best for: Startups, companies restructuring finances.

Life Cycle Costing (LCC)

• Evaluates total costs of an asset/product over its entire lifespan (purchase, operation, disposal).

Used in: Manufacturing, infrastructure projects.

Kaizen Costing

• Continuous small cost reductions during production (aligned with Lean principles).

Example: Toyota’s incremental efficiency improvements.

Earned Value Management (EVM)

• Tracks project performance by comparing planned vs. actual costs/schedule.

Key metrics: CPI (Cost Performance Index), SPI (Schedule Performance Index).

2. Industry-Specific Strategies

1. Manufacturing

• Just-in-Time (JIT) Inventory: Reduces storage costs by ordering materials only as needed.
• Total Productive Maintenance (TPM): Minimizes equipment downtime costs.

1. Construction

• Value Engineering: Optimizes materials/labor without compromising quality.
• Unit Cost Forecasting: Estimates costs per square foot/meter.

1. Healthcare

• Activity-Based Costing (ABC): Tracks costs per patient/service (e.g., surgery, diagnostics).
• Supply Chain Negotiation: Bulk purchasing for medical supplies.

1. Retail

• Markdown Optimization: Reduces losses from unsold inventory.
• Dynamic Pricing: Adjusts prices based on demand/costs (e.g., airlines, e-commerce).

1. IT & Software

• Cloud Cost Optimization: Tools like AWS Cost Explorer to monitor cloud spending.
• Outsourcing: Balances in-house vs. offshore development costs.

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