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.
Itâs important to know the types of cost estimates, how to prepare cost estimates, and typical problems associated with IT cost estimates. Table 7-2. Types of Cost Estimates Estimates Cost Management Plan A cost management plan is a document that describes how the organization will manage cost variances on the project. A large percentage of total project costs are often labor costs, so project managers must develop and track estimates for labor. Table 7-3.