English Lexicon

Cost-Management

/kɔːst ˈmænɪdʒmənt/
nounCEFR B2 (Upper)Top #1500 frequency
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Comprehensive Definitions & Senses

2 senses
As noun
  1. 1

    The process of planning and controlling the budget of a business or project.

    "Effective cost-management strategies can significantly enhance a company's profitability."
  2. 2

    A set of practices aimed at minimizing costs while maximizing value.

    "The organization implemented new cost-management techniques to reduce waste and improve efficiency."

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Antonyms & Contrasting Words (1)

Linguistic Origin & Historical Etymology

The term 'cost-management' is derived from the combination of 'cost', originating from the Latin 'costa' meaning 'rib' or 'side', which evolved to refer to expenses, and 'management', from the Italian 'maneggiare', meaning 'to handle'. The term has evolved in the context of business and finance since the late 20th century to denote the process of planning and controlling the budget of a business.

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