The process by which companies control and plan the costs of doing business

Since cost management is the process by which companies control and plan the costs of doing business and after learning the objectives thoroughly, the demand for public sector services is ever so increasing, meaning that current financial constraints must achieve with fewer resources. With that being said, there is a need for good organization (often vendor) performance and more importantly cost control.  Each operational project should have a customized plan and integrate cost management into the overall business model

Why do you think or how does starting a project with cost management in mind help avoid certain pitfalls which may or may not be present otherwise?

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