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Cost Management

​What is cost management?

Cost management is the process of planning and controlling the budget of a business. Having a good cost management system in place makes it easier for an organization to estimate and allocate its budget.

Cost management is a form of management accounting that helps a business reduce the chance of going over budget with more accurate forecasts of impending expenditures. Many businesses use cost management tactics for specific projects and for the overall business.

When applied to a project, expected costs are calculated while the project is being planned and are approved beforehand. All project expenses are recorded and monitored to ensure they align to the cost management plan. After the project is finished, the actual total costs are compared to the predicted costs. This analysis enhances future cost management predictions and cost budgeting.

While cost management is a general term relating to project cost management in any industry, it also often refers to estimating and managing cloud services costs to reduce cloud waste.

Lincoln (/ˈlɪŋkən/) is a cathedral city and county town of Lincolnshire in the East Midlands of England. The non-metropolitan district of Lincoln had a 2012 population of 94,600. The 2011 census gave the urban area of Lincoln, which includes North Hykeham and Waddington, a population of 130,200.

Roman Lindum Colonia developed from an Iron Age settlement on the River Witham. The city's landmarks include Lincoln Cathedral, an example of English Gothic architecture and the tallest building in the world for over 200 years, and the 11th-century Norman Lincoln Castle. The city is home to the University of Lincoln and Bishop Grosseteste University, and to Lincoln City FC and Lincoln United FC.