Lack of honesty or integrity. Illegal behaviour, such as bribery, by people in positions of authority, e.g. politicians.

Managerial accounting which calculates, records and controls the operating costs of producing goods or services.

A management process which ensures that departments within a company or organisation do not exceed their budget.

Reducing an individual’s, company’s, etc, expenditure.

Producing a product, offering a service, etc., in the most economical way to the benefit of the company and the customer.

A company which has a competitive advantage by producing goods or offering services at a lower cost than its competitors.

The standard cost of basic necessities which people need to live, such as food, housing and clothes.

COLA. A salary supplement which a company pays to employees because of an increase in the cost of living.

Also known as Cost Of Goods Sold (COGS). The cost of providing a service or manufacturing a product, including labour, materials and overheads.

The amount by which the actual cost of a project, etc., exceeds the original budget.