What you’ll learn to do: Discuss the importance of cost management

Managing the costs in a business are crucial to success. There are many different ways to classify costs, which will be discussed in this module. When we discuss costs from a managerial accounting standpoint, the same cost may be classified differently depending on what information is needed.

Being aware of the different cost classifications and ways to look at costs will be an important skill as a manager. It will give you the skills to budget and plan effectively for your department or company.