Cost Control and Management in Businesses

Cost control is the process of identifying and lowering operational expenditures, which plays a crucial role in boosting and sustaining a company's profitability. Cost reduction is the term for the actions done to boost profitability by decreasing expenditures. Businesses utilize cost reduction as part of their company strategy during recessions and when future profitability issues are anticipated. Several tactics, including outsourcing, employee reduction, facility closure, and supply chain reconfiguration, can be utilized to save costs. Measures that would make organizations unprepared for future demand should be avoided when implementing cost-cutting methods.

This course has been designed to explain what has to be done to boost productivity and save expenses in the corporate sector, where achieving and sustaining profitability is getting more challenging day by day. The idea of cost, together with its components and techniques of computation, will be provided to avoid making any well-known blunders. The strategies used by businesses to boost production, reduce costs, and gauge profitability will be discussed through examples. After the course, there will be studies on the actions to be performed with the analysis of the financial statements and the assessment of the required resources.