Cost Management Accounting is an accounting practice that focuses on identifying, analyzing, and controlling the production costs associated with a product. This practice helps businesses to be more efficient in their operations by ensuring that they are getting the most out of their resources. It also provides valuable insight into ways to reduce waste while still providing quality products and services. By understanding where money is going, organizations can make smarter decisions about how to use it in the future. Cost management accounting allows companies to stay competitive and profitable in an ever-changing marketplace.