The AWS Cost Management console is a feature that enables users to better understand, organize, and detect anomalies within their cloud billing, providing tools such as AWS Cost Explorer, AWS Budgets, cost anomaly detection, and Savings Plans to optimize costs without compromising on performance. By using these tools, users can gain a clearer understanding of their finances, forecast future expenses, set budgets and notifications, identify potential anomalies, and manage costs more efficiently. The console helps users reduce waste, find the perfect ratio between performance and cost, and save money without affecting cloud operations, ultimately gaining better control over their AWS spending.