Cost management involves the systematic planning, monitoring, and control of expenses within an organization to optimize resources and achieve financial objectives. It encompasses various activities such as budgeting, forecasting, and cost analysis to identify opportunities for cost reduction and efficiency improvement. Key strategies include setting realistic financial targets, implementing cost-effective measures, and continuously evaluating expenditures across all operational areas. By identifying and eliminating unnecessary expenses, negotiating favorable terms with suppliers, and optimizing resource allocation, organizations can effectively manage costs while maintaining or improving quality standards. Cost management also emphasizes the importance of aligning financial decisions with strategic goals and ensuring transparency and accountability in financial reporting. Ultimately, effective cost management enables organizations to enhance profitability, mitigate financial risks, and sustain long-term competitiveness in the market.