After studying this chapter you should be able to . . .

1. Explain the use of cost management information in each of the four functions of management and in different types of organizations, with emphasis on the strategic management function
2. Explain the contemporary business environment and how it has influenced cost management
3. Explain the contemporary management techniques and how they are used in cost management to respond to the contemporary business environment
4. Explain the different types of competitive strategies
5. Describe the professional environment of the management accountant, including professional organizations and professional certifications
6. Understand the principles and rules of professional ethics and explain how to apply them