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THEORETICAL AND PRACTICAL ASPECTS OF MANAGING ORGANIZATIONAL
COSTS IN THE ECONOMIC SECURITY SYSTEM
B.F. Azimov,
Associate Professor,
Asia International University
Hamidov Abduhamid
1st year master's student,
Asia International University
Annotation:
This scientific article is devoted to the theoretical and practical aspects of managing
organizational costs in the economic security system. The article analyzes the concept of costs,
their classification, management principles and methods, the essence of economic security and
its role in cost management. Historical trends, current state and future prospects of cost
management, as well as foreign experience are studied, and recommendations are given for
improving the cost management system in the conditions of Uzbekistan.
Key words:
Costs, cost management, economic security, budgeting, activity-based costing
method, target costs, cost reduction.
Introduction
In the context of global economic integration, the stability and competitiveness of organizations
depend on their effective management. Cost management is an important element of ensuring
economic security, helping to ensure the financial stability of enterprises, reduce risks and
rational use of resources. This article is aimed at analyzing the theoretical and practical aspects
of managing organizational costs in the economic security system. The article considers the
concept of costs, their classification, principles and methods of management, as well as the
essence of economic security and its role in cost management. The article analyzes historical
trends, current situation and future prospects, and also studies foreign experience and gives
recommendations for improving the cost management system in the conditions of Uzbekistan.
Concept and classification of costs
The theoretical foundations of cost management, practical aspects, historical trends, current
situation, future trends, foreign experience and ways to improve cost management in the
conditions of Uzbekistan are analyzed.
Costs are the monetary expression of resources spent on the production of goods, services or
activities. In the economic literature, costs are interpreted as a broad concept. For example,
Kaplan and Atkinson (1998) define costs as the abandonment of resources, which includes all
types of resources spent to achieve a specific goal. Proper classification of costs helps an
organization to manage them effectively, develop cost reduction strategies, and increase
profitability. Costs can be classified according to various criteria, such as production dependence,
volume, and time dependence. Examples of cost classifications:
• Direct costs: materials, labor payments
• Flexible costs: increase with increasing production volume (electricity)
• Fixed costs: do not depend on the volume of production (rent)
• Costs that affect decision-making:
o Sunken costs (sunk costs that do not affect the decision made)
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o Relevant costs (that affect decision-making)
Basic principles and methods of cost management
Cost management is the process of planning, accounting, analyzing, controlling, and reducing
costs. The basic principles of cost management include planning, accounting, analyzing,
controlling, and reducing. Following these principles helps organizations achieve their goals.
There are various cost management methods, such as standard costing, target costing, activity-
based costing (ABC), and budgeting. These methods help organizations manage costs effectively.
Cost management methods include:
• Standard costing: comparing costs with predetermined standards
• Target costing: determining target costs based on product cost and profit
• Activity-based costing (ABC): analyzing activities and assigning costs to them
• Budgeting: planning costs and revenues
• Cost analysis: studying the composition and structure of costs
• Cost reduction: optimizing costs to improve efficiency
The concept of economic security and its role in the management of organizational costs
Economic security is a set of measures aimed at ensuring the financial independence, stability
and competitiveness of an organization. Economic security covers all areas of the organization's
activities, including cost management. The main threats to economic security can be financial,
market, operational, political and legal risks. Cost management is an important tool for ensuring
economic security. Effective cost management helps an organization increase financial stability,
reduce risks, rationally use resources, increase competitiveness and increase profits. Ensuring
economic security includes the following aspects:
• Financial stability: maintaining solvency, managing the debt burden
• Risk management: identifying and mitigating financial, market, operational and political risks
• Efficient use of resources: rational use of raw materials, energy and labor resources
• Increasing competitiveness: reducing prices, improving product quality
Historical trends in cost management
Historical trends in the field of cost management have gone through several stages. Initially, cost
management was mainly based on simple calculations. With the industrial revolution, as
production volumes increased, the standard cost method and budgeting began to be widely used.
In the second half of the 20th century, with increased competition and the development of
technology, more in-depth approaches to cost management emerged. The activity-based costing
method (ABC) and the target costing method were widely used. Globalization and digitalization
have created new opportunities for cost management. Historical development stages of cost
management:
• Simple calculations: early methods of calculating and controlling costs
• Standard costing and budgeting: became widely used with increasing production volumes
• ABC and target costing: became widely used with increasing competition and technological
development
• Digitalization and globalization: created new opportunities
Current status and challenges of cost management
Currently, organizations are paying great attention to cost management. Increased competition,
limited resources, and economic uncertainty are increasing the need for effective cost
management. However, there are still problems in cost management: lack of information,
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complexity of cost management systems, lack of staff skills, and ineffective use of technology.
These problems reduce the effectiveness of cost management in organizations. Current Cost
Management Challenges:
• Information Gap: Lack of accurate data
• System Complexity: Complexity of cost management systems
• Staff Skill Gap: Lack of skilled staff
• Inefficient Use of Technology: Not fully utilizing modern technologies
Future Cost Management Trends
The following trends are expected to be observed in the future in the field of cost management:
digitalization and automation, real-time data, strategic importance of cost management, transition
to a green economy, and integration of risk management. These trends will help organizations
make their cost management systems more effective. Future trends:
• Digitalization and automation: automating cost management processes
• Real-time data: capturing and analyzing data quickly
• Strategic relevance: aligning cost management with strategic objectives
• Green economy: leveraging green technologies
• Risk management integration: linking cost management with risk management
Experience of foreign countries
There are various experiences in cost management in foreign countries. For example, in the USA,
the activity-based costing method (ABC) is widely used. In Japan, the target costing method and
the principles of continuous improvement (Kaizen) are popular. In Europe, cost management
systems based on the principles of sustainable development are expanding. Foreign experience
can be useful for Uzbekistan in such aspects as studying and applying modern cost management
methods, studying advanced cost management practices in ensuring economic security,
improving staff skills and training cost management specialists. Examples of foreign practice:
• USA: Activity-based costing (ABC)
• Japan: Target costing and Kaizen
• Europe: Principles of sustainable development
Ways to improve cost management in the conditions of Uzbekistan
To improve the cost management system in the conditions of Uzbekistan, measures such as
improving the legislative framework for cost management, introducing modern cost management
methods, expanding the use of digital technologies, training and advanced training of employees,
developing measures aimed at ensuring economic security, and providing state support are
recommended. These measures will help organizations improve the efficiency of cost
management. Proposals for improving cost management in Uzbekistan:
• Improving legislation: developing laws regulating cost management
• Introducing modern methods: ABC, target costing method
• Using digital technologies: introducing software and other technologies
• Training employees: organizing training programs on cost management
• State support: developing programs for the development of cost management
Conclusions
This article analyzes the theoretical and practical aspects of managing an organization's costs in
the economic security system. The theoretical foundations, practical aspects, historical trends,
current state and future prospects of cost management are considered. Foreign experience is
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studied and recommendations are made for improving the cost management system in the
conditions of Uzbekistan. It is noted that effective cost management is an important element of
ensuring the economic security of an organization. The results of this study will help
organizations improve their cost management system and increase economic security.
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