Importance In view of the need of enhancing the efficiency of economic activity in today's conditions, the study of theoretical issues of companies' cost management and choice of the most effective methods of management in terms of industry sector of an economic entity assume particular urgency. Objectives The article offers the problems of cost management of industrial enterprises of the Russian Federation. To achieve this purpose, we have set the following tasks: to clarify the essence of the "costs" and "cost management" terms; to determine the topical issues of costs management at industrial enterprises of the Russian Federation; to develop recommendations to address the identified cost management problems. Methods With the help of comparative analysis, we have determined the main approaches to the interpretation of the "costs" and "cost management" terms, which are widely used in contemporary publications. Based on the study of practical experience of the Russian industrial enterprises, we have identified the most urgent problems of cost management, developed proposals on the identified issues on the basis of introduction of the ABC method. The article presents our definition of the "costs" and "cost management" terms, and also identifies the most significant problem of cost management. We have proposed the measures aimed at solving the identified problems. Results The "costs" and "cost management" terms we have proposed in the article enable to get a more accurate idea of costs as an object of management, and of the essence of activities in terms of management costs. Conclusions and Relevance The ways of solving the problems of cost management of industrial enterprises on the basis of introduction of the system approach to cost management, clarification of criteria for cost classification, a more precise definition of cost of production by using the ABC method can be used in the practical activity of enterprises, whose management is interested in increasing the efficiency at the expense of internal reserves.
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