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.
When using a standard costing methodology, planned costs are developed and set as the, âstandard,â for some period of time â often a fiscal year. Standards costs are set for procured raw materials, labor usage and rates and overhead rates.