noun the amount of money that is required or spent in order to buy, produce, or do something
verb to require the payment of (a specified sum of money) before it can be acquired or done
Cost of capital refers to the cost of funds used for financing a business.
The cost of production includes expenses such as labor, materials, and overhead.
Cost estimation is a critical aspect of project planning to ensure budgets are realistic and achievable.
Cost accounting is the process of tracking and analyzing costs related to a business operation.
Understanding the cost structure is essential for making informed decisions about pricing and profitability.
Cost optimization strategies aim to minimize expenses while maintaining quality and efficiency.
In a business context, writers may be asked to estimate the cost of a project or proposal before it is approved. They may also be involved in negotiating fees for their services.
Psychologists may use the concept of cost in terms of the time and financial investment required for therapy sessions or assessments. They may also consider the emotional cost of certain decisions or behaviors on a client's well-being.
Architects consider cost in terms of budgeting for materials, labor, and other expenses related to construction projects. They may also assess the cost-effectiveness of different design options.
Accountants are responsible for calculating and analyzing the cost of goods sold, operating expenses, and other financial metrics for businesses. They help organizations understand their financial performance and make strategic decisions based on cost data.
Engineers often consider cost in terms of designing and implementing solutions that meet technical requirements while staying within budget constraints. They may also analyze the cost-benefit of different engineering approaches.