cost-control

Vocabulary Word

Definition

'Cost-control' is about managing and reducing business costs. It's like being on a diet, but for your business expenses. You check your spending habits and try to waste less money.

Examples in Different Contexts

In construction, cost control is critical for keeping projects within budget and ensuring financial success. A construction project manager might explain, 'Implementing strict cost control procedures helps us avoid overruns and manage resources more efficiently.'

Practice Scenarios

Marketing

Scenario:

The digital marketing budget seems to be depleting faster than expected. Do we need to rethink our ad spends?

Response:

Yes. Cost control in our PPC campaigns could involve better keyword targeting and improving ad relevance and quality scores.

Tech

Scenario:

With the rise in subscription costs for several software, do you think there’s a more efficient way to manage this?

Response:

Maybe we can adopt cost-control measures by using open-source software or renegotiating the license agreements?