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His colleague,Michael Beer,says that far too many companies

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His colleague,Michael Beer,says that far too many companies have applied re-engineering in a mechanistic fashiln,chopping out costs without giving sufficent thought to long-term profitability.中的“chop out ”是“减少”的意思还是“把东西切成小块”的意思?“thought”是名词,能用“think”来代替吗?
His colleague,Michael Beer,says that far too many companies
chop out 是“减少”的意思
“thought”这里是思想,不可以用“think”来代替