Procurement cost management is an important part of any business. It is the process of managing the costs associated with the acquisition of goods and services from external sources. This includes the cost of materials, labor, transportation, and other related costs. It also includes the costs associated with the management of the procurement process, such as the negotiation of contracts, the selection of suppliers, and the monitoring of performance. The goal of procurement cost management is to ensure that the cost of goods and services is minimized while still meeting the quality and quantity requirements of the business. By managing the costs associated with procurement, businesses can save money and improve their bottom line. Additionally, by understanding the costs associated with procurement, businesses can make better decisions about their purchases and can ensure that they are getting the best value for their money.