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.
Cost Concepts and Classifications. Cost is a foregoing, measured in monetary terms, incurred or potentially to be incurred to achieve a specific objective (American Accounting Association). Cost refers the monetary measure of the amount of resources given up or used for some specified purpose.