Which AWS tool or feature should the company use to meet these requirements?

Explanations:

AWS Cost Explorer is primarily used for visualizing and analyzing historical spending patterns but does not set spending targets.

AWS Budgets allows users to set custom cost and usage budgets, providing alerts when actual or forecasted costs exceed specified thresholds.

AWS Cost and Usage Report provides detailed billing data, but it does not allow users to set budgets or track costs against targets directly.

Savings Plans offer flexible pricing models to reduce costs but do not provide features for setting or tracking budgets against spending targets.