What is cost management?

[fahmidaemran]

What is cost management?
 
It is defined as the process of planning and controlling the budget of the business. It helps in predicting the expenses of the business so that one can avoid going over budget, thereby being an integral part of business management.
Cost management involves different cost accounting methods that have the goal of improving business cost efficiency by reducing costs or atleast having measures in place to restrict the growth of costs.

[Md. Al-Amin]

It's an wide area in the management faculty.