cost management
[/kɔst ˈmænɪdʒmənt/]
noun
gestão de custos
1. The process of planning, monitoring, and controlling the costs of a project or business operation to ensure they stay within budget
Effective cost management is essential for the success of any large construction project.
A gestão de custos eficaz é essencial para o sucesso de qualquer projeto de construção de grande escala.
2. A set of practices and strategies aimed at reducing expenses while maintaining quality and performance
The company implemented new cost management strategies to improve profitability.
A empresa implementou novas estratégias de gestão de custos para melhorar a lucratividade.
3. The discipline of tracking, analyzing, and optimizing expenditures across all departments
Cost management involves regular audits and financial reviews.
A gestão de custos envolve auditorias regulares e revisões financeiras.
Cost management is a critical function in both Brazilian and American business contexts. In Brazil, with economic volatility, cost management practices are particularly valued in manufacturing and construction sectors. In the USA, cost management is fundamental to corporate strategy and investor relations. The term is widely used in project management methodologies (PMI) and is essential in MBA curricula in both countries.
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