Cost management is the process of reducing operating or production expenses in order to provide less expensive products or services to consumers. Through cost management, unexpected costs can also be appropriately dealt with, as and when they occur. It also helps in controlling the project-specific cost, in turn also the overall business cost. Some may think smaller projects do not need project cost management, however, small or large, there is always the need to manage costs. Every company wanting to remain profitable over the long term must spend a considerable proportion of its time attending to cost management activities, and implementing a cost management structure for projects will help a business keep their overall budget under control.

Source: Dhaka Tribune January 10, 2019 17:26 UTC