As a special feature of our blog—guest postings by
experts, clients, and other professionals—please enjoy this
blog entry from Donal O'Connell, Managing Director of Chawton
Innovation Services Ltd.
Cost Management
Cost management is the process of planning and controlling
the budget of a business, a function, or a project. Cost
management is a form of management accounting that
allows a business, a corporate function, or a project to predict
impending expenditures to help reduce the chance of going over
budget.
Cost management arrangements range from the very simple (e.g. a
small project within a corporate department or function) to the
highly complex (e.g. a portfolio of international projects owned by
a large MNE), but the principle is always that of ensuring that
costs are controlled and exceeded by the value of benefits
delivered.
