Define a Cost Management System and Indicate How It Should

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The Answer is A cost management system is a set of formal methods developed for planning and controlling an organization's cost activities relative to the goals and objectives of the organization.A cost management system should determine how effective and efficient the organization's activities are and identify the cost of resources consumed in performing these activities.The system should also identify and evaluate any new activities that may improve future performance of the organization while being aware of the changing environment in which the business operates.

Define a Cost Management System and Indicate How It Should

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