cost management

  

Definition

Management of cost related activities achieved by collecting, analyzing, evaluating, and reporting cost information used for budgeting, estimating, forecasting, and monitoring costs.

Use cost management in a sentence

  • One of the responsibilities of the Chief Financial officer is to ensure that the company employs the best cost management systems to ensure profitability.

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  • The bank must cut costs by reducing the number of times processors must contact the customer. The process team launched a cost management exercise to examine and develop a new way of doing things.

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  • Expenses in the new division seems to be spiraling out of control, sold management ordered that more strict attention be paid to their day to day cost management.

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