Determining cost factors

Description

Determining cost factors involves systematically identifying, analyzing, and quantifying all direct and indirect expenses associated with a process, project, or product. This strategy enables organizations to pinpoint inefficiencies, allocate resources effectively, and set realistic budgets. By clarifying cost drivers, it supports informed decision-making, cost control, and competitive pricing, thereby remedying issues of overspending, resource wastage, and financial unpredictability in operational and strategic planning.