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

Design

Scenario:

With this project's limited budget, we're going to need to be creative with resources to stay within cost boundaries.

Response:

I agree. A good cost-control strategy here could be to utilize more free design resources and optimize design time.

Business

Scenario:

We've been looking at improving profit margins. This is a great opportunity to review our expenditures.

Response:

It's time we implemented some cost-control measures to put a leash on our utility and supply expenses.