cost control

  

Definition

The process or activity on controlling costs associated with an activity, process, or company.

Cost control typically includes (1) investigative procedures to detect variance of actual costs from budgeted costs, (2) diagnostic procedures to ascertain the cause(s) of variance, and (3) corrective procedures to effect realignment between actual and budgeted costs.


Use cost control in a sentence

  • As the price tag for the new factory began to balloon out of control, Stewart brought in a group of his most loyal employees to perform a cost control analysis of the project.

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  • John was assigned to be responsible for cost control. He had to look at the actual cost of production versus what they were budgeting for the expense.

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  • Congress has often established blue ribbon bipartisan commissions with cost control authority to investigate, identify, and eliminate or freeze wasteful programs in a dysfunctional government agency.

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