Question

Exᴘʟᴀɪɴ ɪɴ ʙʀɪᴇғ Fɪɴᴀɴᴄɪᴀʟ ᴀɴᴅ Cᴏsᴛ Mᴀɴᴀɢᴇᴍᴇɴᴛ??

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Answer 1

Explanation:

Financial management refers to the strategic planning, organising, directing, and controlling of financial undertakings in an organisation or an institute. It also includes applying management principles to the financial assets of an organisation, while also playing an important part in fiscal management.

Cost management is the process of estimating, allocating, and controlling project costs. The cost management process allows a business to predict future expenses to reduce the chances of budget overrun. Projected costs are calculated during the planning phase of a project and must be approved before work begins.

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