Cost Control Cost Reduction

The term ‘Cost Control’ has explained by controlling the costs, already predetermined on the basis of assumption of reasonable level of efficiency taking the past, present and future into account is the main focus of cost control. The actual are tried to be brought within the ambit of targets. Cost accounting is primarily concerned with controlling the costs so that losses and wastages are eliminated or at least minimized to the extent possible. While cost reduction is entirely a matter which goes much beyond cost control and hence it is not synonymous with cost control at all, now cost accounting aims at cost reduction also, besides cost control. Cost reduction is a process which actually starts from where cost control ends. Management has to ponder over in terms of bringing down costs to levels lower than the targeted ones so as to face fierce competition and exist in this highly competitive business environment. How, without sacrificing quality or compromising with the utility of the products and services the cost can be permanently cut down, is the real objective of cost reduction. Thus, new ways and means are required to be desired, researches are to be carried out and management has to be innovative.

The main distinctions between cost control and cost reduction can be discussed under various sub-headings as under, though both underline what costs ought to be:

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