What does "Cost Management" involve in GFEBS?

What does "Cost Management" involve in GFEBS?

• A. Monitoring and controlling costs associated with orders and projects
• B. Evaluating employee performance based on project outcomes
• C. Planning marketing budgets for public outreach
• D. Determining salary scales for different job roles

Answer: (A)

"Cost Management" in GFEBS primarily involves monitoring and controlling costs associated with orders and projects. This encompasses various activities such as budgeting, forecasting, and tracking expenditures to ensure that financial resources are used effectively throughout the lifecycle of a project or order. By focusing on cost management, organizations can maintain financial accountability, identify cost overruns promptly, and optimize the allocation of funds to achieve performance goals. This aspect of management is crucial for ensuring that projects remain within their financial limits and are completed successfully without exceeding the approved budget. It reflects a structured approach to managing financial resources in an organization, making it essential for effective order management and execution within the GFEBS framework.

"Cost Management" in GFEBS primarily involves monitoring and controlling costs associated with orders and projects. This encompasses various activities such as budgeting, forecasting, and tracking expenditures to ensure that financial resources are used effectively throughout the lifecycle of a project or order. By focusing on cost management, organizations can maintain financial accountability, identify cost overruns promptly, and optimize the allocation of funds to achieve performance goals. This aspect of management is crucial for ensuring that projects remain within their financial limits and are completed successfully without exceeding the approved budget. It reflects a structured approach to managing financial resources in an organization, making it essential for effective order management and execution within the GFEBS framework.