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.
Design to cost is a management strategy and supporting methodologies to achieve an affordable product by treating target cost as an independent design parameter that needs to be achieved during the development of a product. A design to cost approach consists of the following elements: 1  An understanding of customer affordability or competitive pricing requirements by the key participants in the development process; 2  Establishment and allocation of target costs down to a level of the hardware where costs can be effectively managed;