Cost Control and Management

Team Member

Arvind PremSathyanarayana MSampada KatdareAnukurian PaulSabyasachi GhoshNavneeth MenonGagan SukheejaMatt GraingerInderpal SinghSujoy Roy

18 April 2023

2

Presentation title | 18 April 2023

Objective: Understanding and establishing roles and responsibilities towards Cost Control and Management

• What is cost

• What is cost control & why it is necessary

• Who is controller

• How to motivate people to save cost

• Role of finance in cost control

• Myth of cost control

• Cost control V/s Cost management

• How to manage the cost

• Culture of cost conciseness

• Idea for cost saving

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Presentation title | 18 April 2023

What is cost

Cost may be defined as resources sacrificed or foregone to achieve specific objective.

Example

If a executive fly form Bangalore to Gurgaon, what is total cost ?

Ticket cost

Local travelling cost

Loading & boarding cost

Time cost – Spent in travelling

Voucher preparation & processing cost

Ticketing booking cost

Cost of Payment to vendor (SSC)

Cost of Courier

Reco of Vendor

Compliance cost such as TDS, Service tax return filing

Cost of communication – Mails, Phone etc

How to motivate people to save cost

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Role of finance in cost control

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Myth of cost control

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Culture of cost conciseness

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Idea for cost saving

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