Cost Management Maturity Model introduced to Sri Lanka

Mar 30, 2016 (LBO) – The first ever ‘Total Cost Management Maturity Model’ practice has been introduced to Sri Lanka by the Confederation of Indian Industry's Total Cost Management (TCM) division. The signing of the MOU between Institute of Certified Management Accountants of Sri Lanka (CMA) and TCM was held recently at a cost accountants’ conference in Colombo. The new costing philosophy is developed based on the CMM-I system used in IT industry and has been created after considerable study with experts of the domain. TCM has 5 stages of advancements called “stages of maturity”- Minimal, Functional, Operational, TCM Enabled and Exemplary. TCM adopters’ ultimate goal is the ‘Exemplary’ level. “We are pleased to introduce this practice to Sri Lanka for the first time. In fact it is also the world’s first ever such model on costing,” said Chennai based Head of CII-TCM Division K V Mahidha. “TCM is costing by design. It is one of the most powerful tools that firms can wield in their quest for competitive advantage.” In the 2014 - 2015 Global Competitiveness Report, Sri Lanka slipped by eight places but in 2015-2016 report Sri Lanka moved up by 5 positions to 68 (from 140 countries assessed). Joining the session were President of CMA Sri Lanka Prof. Lakshman R. Watawala, First Secretary, Economic & Commercial of High Commission of India to Sri Lanka Kartik Pande and accounting professionals from Lankan corporate and public sectors.