cost control

Definition

Practices and policies used by businesses to determine whether actual costs are in line with budgeted costs and to correct discrepancies by limiting actual costs or adjusting budgeted costs. Cost control is necessary for a business to stay within budget, and to adapt to changing profit or cost conditions.

Use cost control in a sentence

We need to keep a close eye on our cost control to make sure we are not spending too much, if so we are going to be in debt.

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My company instituted a strict cost control policy after it lost over a million dollars the previous year and our stock dropped from $52 per share to $42.

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Every entrepreneur has to look towards implementing cost control in order to stay in business. Sometimes these measures include cutting back on time spent completing mundane details. At other times it can be a little more severe, such as not being able to purchase the right tools.

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