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.
(4.2.2) Process Definition. Cost Budgeting is the process for aggregating the estimated costs of individual activities or work packages to establish a cost baseline (comp. The Cost Baseline which becomes a component of the project management plan is a time-phased budget that is used as a basis against which to measure, monitor, and control overall cost performance on the project. 2  Th Project Funding Requirements are planned limitations being derived from the cost baseline.