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Importance of cost control in project management?
Importance of cost control in project management?
What has the author Catherine Stenzel written?
Catherine Stenzel has written: 'From cost to performance management' -- subject(s): Cost effectiveness, Industrial management, Management, Organizational effectiveness, Performance, Value 'Essentials of cost management' -- subject(s): Cost control
What is Project cost control vs approved budget in project management?
Project cost control is comparing the actual project cost against planned project cost.
What does the amount of production and the price depend on'?
Depends on the correct and special management of the sector responsible for buying and sales. Moreover, the control of unnecessary expenses is important.
How does cost control aids in better cost management?
Because, without controlling an activity we cannot ensure that we meet its target. As part of cost management, we decide what the project budget is and then we control the cost expenses during the project to ensure that we stick to the plan
What is production management?
Production management refers to a type of management relating to product production. In this management, control is over everything from scheduling to performance, cost, waste requirements and quality of the products.
What is the difference between discretionary and controllable cost?
Discretionary cost is that amount which is at somebody's discretion like manager etc. Controllable cost is that amount which is in the hands of management to be controlled or not like advertisement expenses etc.
Different kinds o f controlling tools?
Dpfferent kinds of controling Tools are: Cost Control, Finance Control, Management Control, Labour Control, Production Control, Marketing Control
What is the Difference between cost management cost control and cost reduction?
Cost Control simply means keeping cost within desired level or planned level and the essential mechanics of Cost control is budgeting and budgetary control. Cost reduction on the other hand is a deliberate attempt to lower the cost of business operation which in most cases could result in value trade-off. Cost Management however is that planned, organised, systematic cost restructuring programmes aim to ensure that cost is commensurate with the level of operation of an organization. It can also be defined as the planned effort to ensure that organization operates within cost effective and efficient zone without compromising quality or value. Therefore the key line dividing cost reduction and cost managemnet is the issue of value or quality. In the process of Cost Management Cost would be reduced but without compromising value but not all cost reduction process guarantees value retention. The success of any cost management effort is influenced by the cost management mindset and cost management technical skill capacity of the Manager. Today, given the importance of cost to the survival of organization, it has been advocated that there should be adequate capacity building in the skill to manage cost as well as a full institutionalization of the distinct practice of cost management as a discipline. This I subscribe to.
How does management accounting differ from cost accounting?
Management accounting includes both financial and cost accounting, tax planning and tax accounting. Cost accounting, on the other hand, does not include financial accounting, tax planning and tax accounting.
What has the author William Rotch written?
William Rotch has written: 'Memorandum' -- subject(s): History 'Cases in management accounting and control systems' -- subject(s): Case studies, Cost accounting, Cost control, Managerial accounting 'Management of small enterprises' -- subject(s): Case studies, Management, Small business
What is uncontrollable cost?
Uncontrollable cost is that cost which is not in descretion of management to be controlled. A good example of an uncontrollable cost is insurance. A manager who runs a department on the factory floor does not have control over the liability insurance that the company buys.
