Cost management is simply the process of planning the company’s budget and controlling it as well as spending the money according to the budget. It calls for anticipating expenses to control production costs and offer products that are affordable to consumers. 

Startup companies apply the process at every stage of their business operation. For example, cost management implies making accurate projections during planning. It also includes closely tracking spending during the implementation period. Additionally, cost management entails making sure the actual cost of the project matches the budgeted cost. This helps startups predict expenditures and prepare the right budgets in the future.

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