A cost management system (CMS) is a set of formal methods developed for plan ning and

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A cost management system (CMS)

• is a set of formal methods developed for plan¬ ning and controlling an organization's cost¬ generating activities relative to its short-term objectives and long-term strategies.

• has a short-term goal of making efficient use of organizational resources.

• has a long-term goal of ensuring the organiza¬ tion’s survival. LO.1

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