Modern cost management approach for development projects

Abstract

Modern methods of cost management have already undergone considerable development since the early 1960s until today, but there is still the possibility of eliminating the weaknesses of these modern methods, mainly due to the emergence of a new trend in digitization. This is currently on the rise mainly in the automotive and electronics sector and will continue to expand over the next period. Currently and in the years to come, many other new positions and areas will have to be covered by Industry 4.0 as such, not only to improve productivity, flexibility, quality and speed in manufacturing area but within production as a whole. Research and development are areas that are key to increasing the added value of a product, so it is very important to pay maximum attention to them, mainly because of the cost reduction, but also the overall not only economic impact.