AWS Cloud Cost Management is crucial for optimizing cloud investments by providing enhanced visibility, forecasting costs, and maximizing resource utilization. It involves practices and tools to plan, organize, report, analyze, and control the usage and costs associated with AWS resources, aiming to optimize spending and improve financial control. Key strategies include using Reserved Instances and Savings Plans for discounted pricing, optimizing resource utilization with tools like AWS Trusted Advisor, and leveraging Spot Instances for cost-effective compute capacity. AWS offers several tools such as the Cost Management Console, Cost Explorer, and Budgets to help businesses monitor and manage their expenses effectively. Additionally, tools like Harness Cloud Cost Management use AI and machine learning to streamline cloud cost management, offering features like automated resource management and cost-saving recommendations. These practices and tools together help organizations reduce unnecessary expenses while ensuring efficient cloud operations.