COST CONTROL Definition

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COST CONTROL is the process of controlling the cost of a project within a predetermined sum throughout its various stages from inception to completion.

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REQUISITION is a written request to buy something. Usually, once approved, the requisition is then transformed into a purchase order.

EX-FACTORY is where a sellers responsibility ends when the buyer at point of origin, i.e., factory, accepts merchandise. This can also be written as Ex-Warehouse, Ex-works, etc.

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