cost

Vocabulary Word

Definition

'Cost' generally refers to the amount of money that is spent on something. In business, it can also mean the monetary value of resources used to create a product or provide a service.

Examples in Different Contexts

In technology development, managing 'cost' is vital for sustainability. A tech product manager might assert, 'Balancing development cost with product quality is key to delivering value and ensuring the long-term viability of our tech solutions.'

Practice Scenarios

Sustainability

Scenario:

This new green initiative could help reduce our carbon footprint but the implementation may have budgetary implications.

Response:

Absolutely! Additionally, we should factor in the long-term savings and environmental benefits against the cost of this green initiative.

Academics

Scenario:

Commissioning this new study might bring us groundbreaking insights. But there are budget caps we must adhere to.

Response:

Of course, we should comprehensively evaluate the cost and benefits of this new study before committing to it.