Analyzing cost implications involves several steps:
Identify Costs: List all potential costs associated with a decision, project, or action. Categorize Costs: Classify costs as fixed, variable, direct, or indirect. Estimate Costs: Use historical data, market research, and expert opinions to estimate costs accurately. Compare Options: Analyze different scenarios to understand the cost implications of each option. Monitor and Review: Continuously monitor actual costs against estimates and adjust plans accordingly.