Efficient Cost Management for Pursuing Higher Studies in Usa

Efficient Cost Management for Pursuing Higher Studies In USA

(A) ABSTRACT:

Cost Reduction and Cost Control are two main objectives of Cost Accounting. Cost is the benefit in terms of money. The research study aims at understanding different cost classification of education system which can be helpful in controlling and reducing cost. The result shows to achieve high performance; education institutions need the right balance between short-term cost decreases such as headcount reductions, and longer-term strategic cost initiatives such as streamlining processes or outsourcing certain noncore functions such as learning, human resources or finance and accounting. Education institutions, which pursue only traditional cost reduction programs, will achieve cost benefits quickly. But in the long run, that approach will leave them unable to sustain those cost reductions, resulting in a competitive disadvantage.

Keywords: Cost Reduction, Cost Control, Education in USA

Title: Efficient Cost Management for pursuing Higher studies in USA

(B) INTRODUCTION:

Cost management is the process by which companies control and plan the costs of doing business. Cost is the benefit in terms of money. Cost Accounting is a process of ascertaining; recording, classifying, summarizing and reporting various costs. The USA is the most popular country in the world in terms of attracting students from other countries, according to United Nations Educational, Scientific and Cultural Organization (UNESCO), with 16% of all international students going to the US (the next highest is the UK with 11%). 671,616 foreign students enrolled in American colleges in 2008-9. This figure rose to 723,277 in 2010–2011. The largest number, 157,558, came from China. According to ‘Uni in the USA’ which consists of reviews of many universities; higher education in America remains attractive to international students, despite exorbitant costs of US...