Tang (2005) carried out a research about cost management for building contractors in Hong Kong and

stated that the application of cost management techniques/systems includes cost planning and cost
control, and budgeting. Through the process of cost management, there can be a more realistic final
cost and corrective actions can be adopted at right time. The aim of cost management is to maintain the
cost within a pre-determined budget. An important finding of this research shows that only few of the
respondents are satisfied with their adopted cost management techniques. This reveals that the existing
cost management techniques should be improved.

Cooper & Yoshikawa (2002) conducted a field study analyzing the cost management

system practices of three Japanese firms (Tokyo - Yokohama – Kamakura) in the same

supplier chain identified the development of inter-organizational cost management systems.

The objective of these systems is to identify innovative ways to reduce the cost of the

products supplied by the chain. In theory, these mechanisms should result in lower cost

products by allowing all of the firms in the chain to share information. This sharing leads to

better solutions to the cost reduction problem. By designing products jointly, the firms can try

to reach a global minimum cost instead of a series of local minimum costs.

Companies must interest in training programs accountants from both practical and professional, taking
into account the development of these programs.

Companies need to hold significant shifts in order to accommodate the technological changes in the
modern business environment and keep abreast of all that is new and useful, and the application of
modern costs systems to their importance in the current stage.

Salem & Mazhar (2014) concluded that companies need to hold significant shifts in order to
accommodate the technological changes in the modern business environment and keep abreast of all
that is new and useful, and the application of modern costs systems to their importance in the current
stage. Companies must interest in training programs accountants from both practical and professional,
taking into account the development of these programs.