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.
Costing and budgeting are both essential to any business that wishes to evaluate their historical costs and plan and control their future expenses. Costing is concerned with the evaluation of historical information related to costs incurred, and budgeting is concerned with planning for the future.