COST CONTROL Meaning and
Definition
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Cost control refers to the process of implementing measures to manage and regulate the expenses associated with a business operation in order to ensure that costs are kept within predefined limits or budgets. It involves monitoring and reducing expenses incurred by a company in order to optimize its financial performance and maximize profitability.
In cost control, various strategies and techniques are employed to minimize costs and maintain financial discipline. This may involve setting budgetary targets, analyzing and scrutinizing expenditures, identifying areas of potential savings, and developing cost reduction plans. Cost control measures can encompass a range of activities such as negotiating better pricing deals with suppliers, implementing efficient production processes, minimizing waste and unnecessary spending, and accurately tracking and analyzing financial data.
The ultimate objective of cost control is to strike a balance between cost reduction and maintaining the quality and efficiency of business operations. By implementing effective cost control measures, organizations can achieve better financial stability, improve their competitive position in the market, and enhance their ability to invest in growth opportunities. It enables businesses to allocate resources effectively, make informed decisions, and adjust their strategies as needed in order to maintain sustainability and remain profitable.
Overall, cost control is a fundamental aspect of financial management that assists organizations in managing and regulating expenditures, keeping costs within predetermined limits, and achieving financial goals while optimizing operational efficiency.
Common Misspellings for COST CONTROL
- xost control
- vost control
- fost control
- dost control
- cist control
- ckst control
- clst control
- cpst control
- c0st control
- c9st control
- coat control
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- codt control
- coet control
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- cosr control
- cosf control
- cosg control
- cosy control
Etymology of COST CONTROL
The word "cost" originates from the Old French "coste" meaning "rib" or "side". It later evolved to also mean "price" or "expense" in English.
The word "control" comes from the Middle English "controllen", which is derived from the Old French term "contreroller". The prefix "contre-" means "against" or "opposite", and "roller" refers to a roll or register containing records. Thus, "control" originally referred to checking or verifying against a register.
Combining these two words, "cost control" refers to the practice of managing or regulating expenses to ensure they stay within a prescribed limit or budget.
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