Cost Management Models in Businesses

In today's market economy, the role of management accounting information in cost control is increasingly expanding and asserting its developmental position. The fundamental reason lies in the fierce competition among businesses and economic conglomerates. In this competitive landscape, companies and economic groups can either succeed or fail. A critical factor that leads to success or failure is the information on cost management accounting. The significance of cost information for management activities has driven the need to develop a method capable of providing relevant, timely, and reliable cost information to aid in planning, controlling, and resource utilization, as well as evaluating operational effectiveness and making business decisions. Cost is the starting point of price, and it represents the minimum threshold that prices cannot fall below in the long run. The article discusses various cost management models for manufacturing enterprises.