18th National Awards for Excellence in Cost Management 2022: For Corporates
18th National Awards for Excellence in Cost Management 2022
Last Date Extended upto 15th March 2023
BACKGROUND
The Institute as a part of its prime responsibility is continuously making pioneer efforts to promote, recognize and reward cost management culture and practices in the corporate sector. The Institute has instituted National Award for Excellence in Cost Management in the year 2003 to recognize the qualitative cost management practices adopted by the industry and encourage corporate sector to get due national and global recognition for the success of Cost Management initiatives, they follow. The participation of Indian industry in the National Award indicates positive efforts undertaken by the industry towards cost management. The Institute is encouraged with wider application of Cost Management tools and adoption of different Cost Management Strategies across various sectors. It is needless to mention that the wider coverage of National Award in the media has uplifted the image of the Awardees.
OBJECTIVES OF THE AWARD
The aim of the award is to promote the culture of Cost Management practices in wider scale in Indian Corporate sector by:
- Recognizing Leadership efforts of Cost Management Techniques
- Educating other industry members on innovative practices and their functioning
- Encouraging the organizations in emphasizing their focused areas of Cost Management more vigorously
- Strengthening the professional expertise in the areas of Cost Management
- Providing support service in implementation of new tools and techniques of cost management
- Educating the other members of Indian industry with the example of results achieved by the awardees.
- Undertaking research on effective Cost Management practices being followed in different industries
SELECTION METHODOLOGY
The methodology followed to decide the winner of award is based on the questionnaire designed to obtain information on cost management practices and performance of the companies involved in manufacturing or service operation. An independent credit rating agency has been engaged to design the questionnaire and to evaluate the performance of the companies. A Screening committee was also formed by the Institute to guide the evaluating agency in formulating the policy of evaluation of the questionnaire submitted by the participating companies.
SCREENING COMMITTEE FOR THE AWARD
To undertake the proper work and monitoring the activities relating to the Award, the Institute constituted a Screening Committee with the responsibilities of guiding the evaluating agency for designing the Questionnaire, evaluating the filled-in questionnaires and short-listing the companies for award.
Award Categories:
| (A) Manufacturing Sector | (B) Service Sector |
|---|---|
| A1) Private Sector - Mega | B1) Banking, Financial services and Insurance (BFSI) |
| A2) Private Sector - Large | B2) Transportation and Logistics |
| A3) Private Sector - Medium | B3) Power Distribution and Transmission |
| A4) Private Sector – Small | B4) City Gas Distribution |
| A5) Private Sector- Micro | B5) Retail & E-commerce/Hospitality & Tourism/Healthcare |
| A6) Public Sector - Mega | B6) Infrastructure and Construction |
| A7) Public Sector - Large | B7) Information Technology & Telecommunication |
| A8) Public Sector - Medium | B8) Consulting |
| A9) Public Sector - Small | B9) Start Up (as per DPIIT notification) |
| A10) Start Up (as per DPIIT notification) | B10) Others |
SELECTION OF RECIPIENTS OF AWARD BY THE JURY:
For selection of awardees, a Jury is formed comprising of persons of eminence from Judiciary, Industry, Government, and CMA Profession. The Credit Rating Agency evaluates the entries under the guidance of the Screening Committee based on the criteria fixed and places the short listed companies before the Jury for final selection of awards.
PRESENTATION OF AWARDS
The national awards presented in a widely publicized gala ceremony at New Delhi in the presence of an august gathering of corporate and professionals from across the sectors.
Instructions to submit the Questionnaires
Please click here to download the instructions to submit the Questionnaires