COST MANAGEMENT IN THE FUNCTION OF BUSINESS DECISION MAKING
COST MANAGEMENT IN THE FUNCTION OF BUSINESS DECISION MAKING

Summary/Abstract: Leadership startegy regarding costs is, alongside diferentiation strategy, the basic strategy in the creation and protection of company competitive position in the developed market. This strategy is based on cost optimization that can be achieved by efficient cost management at all levels within a company. In the course of the dynamic changes in company’s business environment, traditional calculation models have become an unreliable foundation for business decision making. Therefore, the companies opt for modern cost management system application for business risk reduction achievement, additional value increase, financial expense reduction, ie, their competitive position improvement. This paper indicates the significance and role of efficient cost management in modern companies providing appropriate business decision making by the company management. This paper further provides research results on calculation and cost management weak points in companies in Serbia, the influence of the most important factors on cost management efficiency, with suggestions for the improvement of the process and cost management in the function of company competitive position increase.

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