Cost Planning is one of technique of cost management to accomplish target cost from earlier phase of project. I would like to explore the difference between Finance (Financial Accounting) and Cost planning (Management Accounting) and their distinct uses. While many companies implement Financial Accounting, few successfully implement Cost planning.
Cost Planning is a proactive activity in which a company strives to achieve a target cost, starting this effort early in the concept and planning phase. In contrast, Financial Accounting centers on a results-based target, not an...
