Controlling Costs, also known as cost management or cost containment, is a broad set of cost accounting methods and management techniques with the common goal of improving business cost-efficiency by reducing costs, or at least restricting their rate of growth. Businesses use cost control methods to monitor, evaluate, and ultimately enhance the efficiency of specific areas, such as departments, divisions, or product lines, within their operations.
- After attending the course, participants will be better able to:
- Identify different types of costs Define what cost control really means
- Analyze cost variance
- Use tools for controlling costs
- Create cost consciousness within an enterprise