Explain the various costs of a project. Draw the graph between these costs and time. How optimum cost is calculated?
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Various costs of a project are as follows:
Direct cost: It refers to the prices which are straight involved and are important in order to complete the given project.
Indirect cost: It refers to the prices which are not straight involved in the completion of the project but are significant for the individual or the company working for the given project.
Graph between costs and time
How optimum cost is calculated?
Optimum cost is calculated as “multiplying the quantity by the unit price”.