Joody S.

Catacutan
Activity #3: STRACOSMAN
1. What is meant by the term Strategic Cost Management?
Reducing costs without losing the competitiveness of the entity
2. For you which is the most important function of management, and why?
For me, it is the Planning. Planning is crucial in every business. It must be well-planned before
you execute it, because if not, the business will be affected. You have many things to consider
when you’re planning, for example, is it feasible to the company, is it best action to pursue, is it
effective and efficient and many more to mention. Planning is not like a “hot rice” that when you
get burned, you’ll spit it. Planning is one of the steps for the business to succeed.
3. Define strategic cost management?
Strategic Cost Management aims to reduce costs while strengthening the entity’s
competitiveness. It also used for decision-making that support the strategies of the entity.
4. What is meant by business strategy?
Business Strategy is a set of actions for achieving the goals and objectives of the business.
5. “Planning is really more vital than control”. Do you Agree? Why?
Yes, because planning also tackles control. Planning means that you must have goals and
strategies while in control, you monitor/evaluate those goals and strategies if they are effective
and efficient in the business. You must determine first the business actions before you think on
how to control it. Planning comes first.