Professional Documents
Culture Documents
Cost Management
Cost Management
com
g
Search Thousands of Tech Definitions
Essential Guide Browse Sections 5
DEFINITION
cost management
Posted by: Margaret Rouse WhatIs.com
c o n
Cost management is the process of planning and controlling the budget of a business. Cost management is a form of management accounting that allows
a business to predict impending expenditures to help reduce the chance of going over budget.
Many businesses employ cost management plans for specific projects, as well as for the over-all business model. When applying it to a project, expected
costs are calculated while the project is still in the planning period and are approved beforehand. During the project, all expenses are recorded and
monitored to make sure they stay in line with the cost management plan. After the project is finished, the predicted costs and actual costs can be compared
and analyzed, helping future cost management predictions and budgets.
Implementing a cost management structure for projects can help a business keep their over-all budget under control. Several business intelligence (BI)
programs, such as Oracle Hyperion, offer cost management software to help businesses monitor costs and increase profitability. While the software may
help, it is not imperative that software is used when executing a cost management plan.
Vendors may refer to cost management software applications as cost accounting, spend management or cost transparency products.
See also: IT MOOSE management, IT chargeback system, capacity planning, Project Management Office (PMO), advanced planning and scheduling
(APS)
IT project management: The cost estimating processThe cost estimating process begins by breaking the project down into work phases such as design,
engineering, development, and fabrication.
Related Terms
Apache OpenWhisk
Apache OpenWhisk is an open source and serverless cloud platform that performs functions in response to events. See complete definitionq
booking engine
A booking engine is a software as a service (SaaS) used by hospitality businesses that provides guests with the opportunity to ... See complete definitionq
SAP
SAP SE is a multinational software corporation that is currently the market leader in the enterprise resource planning (ERP) ... See complete definitionq
Add My Comment
Oldest 5
[-] AnonymousUser
- 7 Aug 2014 3:24 AM
t
I definitely agree that monitoring costs and profit on projects should be a standard for all companies. We had the same problem in our agency. But to find the tool is not as easy as it seems to
be. Especially when the complex solutions like Oracle are not affordable for small business owners. That's why we came up with idea to build the tool for ourselves which fits to our business
requirements and processes. We've been using it for us and found out that the same problem have other agencies as we are. That's why we launched it as a commercial tool. Check out
Costlocker.com if this is the tool for you as well.
Reply
-ADS BY GOOGLE
Download PDF
[Free]
Download Here
doctopdfpro.com OPEN
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z #
Powered by:
5
SearchCompliance
Compliance as a Service (CaaS) is a cloud service delivery model that allows a third-party managed service provider (MSP) to ...
data protection impact assessment (DPIA)
BACKGROUND IMAGE: iSTOCK/GETTY IMAGES
A data protection impact assessment (DPIA) is a process designed to help organizations determine how data processing systems, ...
Browse by Topic
Browse Resources
File Extensions
About Us Contact Us Privacy Policy Advertisers Business Partners Events Media Kit Corporate Site Reprints Site Map Archive