APPROACHES AND TRENDS ON COST MANAGEMENT CONSIDERING THE DEEPENING OF THE FINANCIAL CRISIS

Knowing the costs represents an important factor when taking decisions or planning future activities. The analysis and registration of data regarding the costs of past activities is only part of the cost accounting. Managers are preoccupied both by the future costs - their level influences production and supply decisions - and by price politics. The economists from transitional countries try to introduce modern approaches in the calculation of costs with strategic management purposes, known and utilized in the countries with well developed economies. Unfortunately they paid little attention to the modalities of applying the new international approach to cost management in a new competitive environment. Considering that all firms are preoccupied with continuous cost reduction, in this material we want to debate on this subject that is of major importance for any manager, regardless of his or her field of activity. We will try to answer to the following questions: How can we effectively reduce business costs? What should be the priorities of the management of companies in 2010?