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Measuring a Cost Function Objectively by Using Statistics to Fit

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Measuring a cost function objectively by using statistics to fit a cost function to all the data

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Definitions:

Tangible Costs

Costs associated with an investment that can be measured directly in monetary terms, like materials, labor, and expenses.

Costs

The expenses associated with the production or provision of goods and services, which may include labor, materials, and overhead.

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