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8 Examples of Cost Management

 , updated on September 21, 2017
Cost management is the process of planning, monitoring and controlling spending. The following are common examples of cost management.

Estimates

Developing accurate cost estimates to support spending decisions. For example, an construction firm that validates cost estimates with reference class forecasting.

Analysis

Cost analysis such as cost-benefit analysis, cost efficiency and cost effectiveness calculations.

Planning

Planning such as business plans, project plans and operations planning that document how costs will be spent and why.

Budgeting

Developing, validating, approving and controlling budgets.

Procurement

The process of acquiring goods and services including due diligence such as price comparisons.

Financial Controls

The management of finances and accounting. For example, segregation of duties for submitting, approving and auditing expenses.

Resource Management

Managing resources to avoid wasted expense. For example, supervision of a contractor to ensure they are delivering to commitments.

Governance

Oversight of spending. For example, a program governance board that can cut off funding to a project that is over-budget, late or failing to achieve objectives.
Overview: Cost Management
Type
Definition
The process of planning, monitoring and controlling costs.
Related Concepts

Financial Management

This is the complete list of articles we have written about financial management.
Baseline
Budget
Budget Control
Budget Risk
Business Costs
Capex
Budget Planning
Conflict Of Interest
Cost Contingency
Cost Control
Cost Escalation
Capital Budgeting
Cost Management
Compliance
Cost Overrun
Business Ethics
Contingency Budget
Financial Controls
Contract Risk
Financial Risk
Matching Principle
Operating Expenses
Opex
Refinancing Risk
Risk Management
Governance
Management Controls
Reputational Risk
More ...
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Financial Management

An overview of financial management with examples.

Financial Controls

A definition of financial controls with a few examples.

Business Costs

A list of common types of business cost.

Management Controls

The common types of management control.

Capital Expenditures

The definition of capital expenditure with examples.

Examples of Current Assets

A list of the common types of current asset.

Financial Freedom

An overview the common types of financial freedom.

Matching Principle

A principle of financial accounting.

Business Costs

A list of common types of business cost.

Cost Escalation

A definition of cost escalation with an example.

Cost Reduction Examples

Common examples of cost reduction.

Cost Estimates

The common types of cost estimate.

Relevant Cost

A definition of relevant cost with examples.

Cost Structure

Detailed examples of how to map out the cost structure of a business.

Cost Competition

The definition of cost competition with examples.

Cost Goals

An overview of cost goals with examples.
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