Final answer:
The statement is true as strategic cost management indeed provides visibility into costs, allowing for informed decision-making. It involves analysis of various cost measures and understanding of short and long-term cost structures.
Step-by-step explanation:
The statement that strategic cost management helps you make costs visible so that you can see, understand, and strategically manage them is true. Strategic cost management involves the analysis of different types of costs such as fixed cost, marginal cost, average total cost, and average variable cost. Each of these offers unique insights into the firm's financial performance and potential levers for strategic management.
Understanding cost structures in both the short and long run is essential for strategic cost management. This process enables firms to determine what costs can be altered or are sunk and should therefore be ignored in current decision-making. Particularly, variable costs are critical as they indicate the firm's capacity to reduce present expenditures and anticipate cost changes with adjustments in production levels.