It is very important for human being to have control over everything around them most especially their goods and services. Cost system is important for the business because it helps in the pricing of the goods and the service we render. It is the way to put value to our goods and services and at the same time, we should not makes pricing to be too high or to be too low because the low pricing will not leave us with any profit likewise if the pricing is too high it might make us to lose customer.
Cost is the monetary value of resources, material and the time we consumed. it is the amount place on the things we acquire and cost management system is the way we plan and control the budget plan of a business and it helps to predict the way to run the business.
In the business world, the organizations request a comprehensive and adequate control of the assets that they own. And even globally, any product that want to be marketed, the cost are always involved in order to obtain it because cost is the only thing that can determine whether or not the investment that the companies wants to make will be profitable and if such production will be good to be marketed.
It is the way to grow an organization and once it grow it requires more control because it will not be easy to monitor the activities personally. Cost helps in taking some actions that are demand to make sure that they achieve the resources and the business operations goal and objectives since that is their aim.
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