Cost Management
Cost Management is a systematic approach to planning, estimating, budgeting, financing, funding, managing, and controlling costs in projects, products, or services to ensure they are completed within the approved budget. It involves tracking expenses, optimizing resource allocation, and implementing strategies to minimize waste and maximize value. This discipline is crucial in business, engineering, and IT contexts to maintain financial health and achieve profitability.
Developers should learn Cost Management to effectively manage project budgets, especially in roles involving cloud infrastructure, software development lifecycle, or product management. It is essential for optimizing cloud spending (e.g., AWS, Azure), reducing operational costs in DevOps, and ensuring efficient resource use in agile or enterprise projects. Mastery helps in making data-driven decisions, avoiding budget overruns, and aligning technical work with business objectives.