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2013•RePEc: Research Papers in EconomicsRequires access

Methods of Cost Management

Kripak Irina S.

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Abstract

The problem of accounting, analysis, and cost control in the companies significantly increased nowadays. Cost management is relevant because the achievement of sustainable competitive advantage today is possible only if there is a lower, compared to other manufacturers, the cost of the products. The article deals with the theoretical aspects and modern methods of cost management of company. The special attention is given to methods of cost management: "standard-cost", "direct-costing".

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The problem of accounting, analysis, and cost control in the companies significantly increased nowadays. Cost management is relevant because the achievement of sustainable competitive advantage today is possible only if there is a lower, compared to other manufacturers, the cost of the products. The article deals with the theoretical aspects and modern methods of cost management of company. The special attention is given to methods of cost management: "standard-cost", "direct-costing".

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Available abstract

The problem of accounting, analysis, and cost control in the companies significantly increased nowadays. Cost management is relevant because the achievement of sustainable competitive advantage today is possible only if there is a lower, compared to other manufacturers, the cost of the products. The article deals with the theoretical aspects and modern methods of cost management of company. The special attention is given to methods of cost management: "standard-cost", "direct-costing".

Key concepts: Cost accounting, Product cost management, Activity-based costing, Target costing, Total absorption costing, Cost engineering, Business, Competitive advantage

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