Meaning of cost savings
An action that will result in a smaller than projected level of Costs to achieve a specific Objective. Cost savings are usually related to Incentive Type Contracts, where the Contractorand Government share in any difference in cost below the estimated Target Cost incurred by the contractor to achieve the objective of the Contract. It differs from Cost Avoidance, in that a cost target has been set from which the amount of savings can be measured. In cost avoidance, the amount is determined as the difference between two estimated cost patterns.
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