The Importance of Strategic Cost Management and Its Implementation in Manufacturing Industries: A Case Study of Metal Producing Industries in Uzbekistan

Abstract

This research focuses on determining the necessity of strategic cost management in manufacturing industries. Additionally, the research negates the need for its implementation in practice with the intention of strategic accounting for managing industrial enterprises. During the research, the authors used observation, data collection, generalization, grouping, comparison, and monographic observation. The focus is placed specifically on analyzing the cost management systems of steel industries in Uzbekistan. The problems of reducing the cost of manufactured products and improving cost accounting are one of the most urgent issues. In the conditions of limited resources, the prices of basic raw materials and energy sources are increasing daily. To achieve their ultimate goal, enterprises should first increase the selling price of products or lower their cost. Product sales prices cannot directly depend on the wishes of enterprises. After all, they change in the market according to the law of supply and demand. Expenses are formed within joint-stock companies. Control of their level depends on the enterprise's management. Currently, it is time to improve the calculation of production costs and use advanced management methods.

Citation

Sativaldiyeva, D.A., Khaydarova, N.A. and Tursunaliev, I.U. (2024), "The Importance of Strategic Cost Management and Its Implementation in Manufacturing Industries: A Case Study of Metal Producing Industries in Uzbekistan", Eshov, M.P., Abdurakhmanova, G.K., Burkhanov, A.U., Abdusalomova, N.B. and Ergasheva, S.T. (Ed.) Development of International Entrepreneurship Based on Corporate Accounting and Reporting According to IFRS (Advanced Series in Management, Vol. 33B), Emerald Publishing Limited, Leeds, pp. 41-46. https://doi.org/10.1108/S1877-63612024000033B006