cost-cutting

Vocabulary Word

Definition

'Cost-cutting' refers to measures that are implemented in order to reduce the amount of expenses or costs in a business or project.

Examples in Different Contexts

Cost-cutting in business operations refers to the measures taken to reduce expenses and improve profitability. A CEO might say, 'Our cost-cutting initiatives, including streamlining processes and reducing overhead expenses, have significantly improved our financial health.'

Practice Scenarios

Tech

Scenario:

There's a lot of potential for optimization in our software deployment process. What strategies can we employ to reduce expenditure?

Response:

Moving part of our infrastructure to the cloud could be a powerful cost-cutting measure.

Public-Policy

Scenario:

Processing applications for our new project appears to be a costly affair. Is there a more efficient, yet affordable, method we can adopt?

Response:

Digitalizing the application process could be a beneficial cost-cutting measure. It would reduce paperwork and speed up the process.