The term originated as an abstraction of the sequence: single, double, triple, quadruple, quintuple, sextuple, septuple, octuple, ..., nâtuple, ..., where the prefixes are taken from the Latinnames of the numerals. The unique 0âtuple is called the null tuple.
Cost Reduction and Cost Avoidance Cost reduction can be generally defined as the act of cutting costs to improve profitability. Cost reduction is often confused with cost avoidance, which is more properly defined as the act of eliminating costs or preventing their occurrence in the first place. Both types of cost control, which are two sides of the cost containment coin, are important and necessary for a company that wants to achieve and maintain profitability, especially in a weak economy.
irrelevant cost. A cost incurred by a company which is unaffected by management's decisions. Such costs can be either positive or negative and may even turn out to be a relevant cost in certain situations. For example, if a company bought an off-the-shelf software program but it did not work as intended and cannot be returned, the cost incurred (sunk cost) becomes irrelevant regardless of management's decision.