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.
A business that implements a process costing system can better contain manufacturing expenses. Under this system, each department is assigned a cost center. A cost center is a number or code that identifies the purchases made by a single department.