A cost management process sets actual costs against budget, tracks and reports costs, spots deviations promptly and judges how they affect the enterprise's processes and services. Reporting periods are set to match budgeting and accounting needs. A method gathers the data needed to find deviations between budget and actual, investment return, trends in service cost and similar measures. Levels of consolidation (central IT compared with IT budgets inside business departments) and how results are presented to stakeholders are defined. Those responsible capture, consolidate and report data to budget owners, who work through deviations with budget analysts and compare performance with benchmarks. Management at the right level reviews the analysis and approves corrective action. Changes in cost structures and needs lead to revised budgets and forecasts, and at regular intervals, particularly when budgets are reduced, ways of cutting cost without putting services at risk are sought.
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