Introduction of Strategic Cost Management for Instrumentation Industry

In this paper Researchers discuss about the Strategic cost management and its various techniques of it. The basic aim of Strategic Cost Management (SCM) is to help the organisation to achieve the continuous advantages with the respect to cost reduction. Strategic Cost Management lays a greater focus on continuous improvement to deliver superior quality product to the customer’s and stake-holders over the long period of the time. In this paper Researchers discuss about the just-In-Time (JIT), Kaizen costing and Quality Costing of Strategic cost management. Nature of JIT, JIT Production, JIT Purchasing, Principles of Kaizen Costing, and Barriers of Quality costing are described in this paper. SCM is a modern cost management approach consisting of changing cost and management accounting system, depending on the change of production system in highly competitive environment.