Abstract:

This article is about cost management and its primary significance as a measure of project success. Cost is the universal and most highly visible performance metric for indicating project success. Cutting costs is the simplest way to improve bottom line. Introducing a cost control system can bring immediate savings and make sure that you remain competitive in the longer term. But cost control needs to be carefully managed. Whilst it clearly helps to cut wasteful activities, careless cost cutting can lead to falling quality and poor morale. Cost management requires processes and methodologies that can only function with information development and knowledge hand-off and enhancements. This is made possible through the deployment of assignment, collection, assessment, analysis, and strategic decision making processes.

Keywords: Cost management, anticipated costs, cost calculation, payroll, costing items.