STRATEGIC COST MANAGEMENT Definition

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STRATEGIC COST MANAGEMENT is the overall recognition of the cost relationships among the activities in the value chain, and the process of managing those cost relationships to a firm's advantage. Also known as Cost Management Theory.

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COST CONTROL is the process of controlling the cost of a project within a predetermined sum throughout its various stages from inception to completion.

AD HOC is being concerned with a particular end or purpose, e.g., a ad hoc committee established to handle a specific subject.

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