Cost Management
Cost Management is the strategic planning and control of all costs associated with supply chain logistics, involving identifying cost elements, creating cost reduction strategies, monitoring performance, and ensuring efficient use of resources, with the end goal of minimizing total costs while maintaining desired service levels.
Level 1: Emerging
At an emerging level, you are developing an understanding of cost management principles within supply chain management. You identify cost-related issues and contribute ideas for potential cost efficiencies.
Level 2: Proficient
At a proficient level you are able to effectively manage costs within the supply chain, identifying opportunities for savings and implementing strategies to optimize expenditure while maintaining quality and efficiency.
Level 3: Advanced
At an advanced level, you are proficient in implementing cost management strategies within the supply chain to optimize expenses and enhance overall financial performance, ensuring efficiency and effectiveness throughout the process.
