The concept of cost management whereby costs are actively managed is key to the emerging philosophy of contemporary budgeting and financial planning.

Question

Quizplus · Accepted Answer

Contemporary budgeting and financial planning emphasize proactive cost management, where costs are actively planned, monitored, and controlled to ensure financial efficiency and meet strategic goals. This approach contrasts with traditional methods that might focus more on cost allocation and less on active management.

The Concept of Cost Management Whereby Costs Are Actively Managed