To Nha Notes | Dec. 11, 2022, 10:20 p.m.
What do we mean by cost? We are not only talking about dollars here. “Cost” roughly translates to effort and can involve any or all of these factors:
Financial costs (e.g., money)
Resource costs (e.g., CPU time)
Personnel costs (e.g., engineering effort)
Transaction costs (e.g., what does it cost to take action?)
Opportunity costs (e.g., what does it cost to not take action?)
Societal costs (e.g., what impact will this choice have on society at large?)