undertaking

1. Guaranty, promise, or stipulation that creates an obligation.

2. Business enterprise and, in some jurisdictions (such as European Union) charities, state commercial bodies, and trade associations.

Whenever I read about some company undertaking a cost-cutting program, I know it's not a company that really knows what costs are all about. Spurts don't work in this area. The really good manager does not wake up in the morning and say, "This is the day I'm going to cut costs," any more than he wakes up and decides to practice breathing.