Strategic Cost Management, Traditional Cost Management, Cost drivers
The term strategic cost management has a broad focus, it is not confined to the continuous reduction of costs and controlling of costs and it is far more concerned with management's use of cost information for decision-making. Strategic cost management is important to organizations because it is more than focusing on costs; in the successful companies of the 21st century costs will not be the only most important factor, but also value and revenue consider critical factors in the success of companies. At this point the researcher advocates that strategic cost management is a philosophy, an attitude, and a set of techniques to contribute in shaping the future of the company. Authors suggested a framework which has far more impacts on any organization compare to traditional cost management.
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