homage. n. 1. a public show of respect or honour towards someone or something (esp in the phrases pay or do homage to). 2. (Historical Terms) (in feudal society). a. the act of respect and allegiance made by a vassal to his lord. See also fealty.
Cost management is the process of planning and controlling the budget of a business.
Concept No. 3. Budgeting the use of resources to particular purposes and for specific accounting periods is an essential part of the planning and managing processes. This process combined with cost accounting makes it possible to make decisions based on expected costs and returns.