This study aimed to implement the Problem-Based Learning methodology in the Cost Management Analysis course and examine its impact on students’ learning and perceptions, promoting a more practical, inquiry-driven approach aligned with current educational guidelines. To support the implementation, a fictitious learning factory, called PRODUBISC, was developed as the basis for two course challenges conducted during the first semester of 2025. The evaluation of the methodology was performed through questionnaires administered after each stage, with response rates exceeding 70%. The findings indicate strong acceptance of Problem-Based Learning methodology among students, who highlighted benefits such as the practical application of course content, the development of investigative skills, critical reasoning, and problem-solving. Reported challenges included time management, the need for clearer instructions, and uneven task distribution within groups. The methodology also showed a positive impact on academic performance, particularly in topics directly related to the proposed challenges. Overall, the results demonstrate that PBL is a viable and effective strategy for fostering engagement and active learning in courses traditionally based on theoretical instruction. The creation of PRODUBISC as a pedagogical tool provides a long-term foundation for future course offerings and supports the modernization of teaching practices.