cost control and cost management
Cost control refers to the process of minimizing expenses and maintaining them within predetermined limits. It involves monitoring, analyzing, and reducing costs to achieve financial stability and improve profitability. Cost management, on the other hand, encompasses a broader approach that includes cost control but goes beyond it. It involves strategic planning, budgeting, and decision-making to effectively manage costs throughout an organization. It aims to optimize resources and achieve long-term financial sustainability while considering factors such as quality, efficiency, and value for money.
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