👉 Cost math involves calculating the total expenses associated with a project or business venture by summing up all direct and indirect costs. Direct costs include expenses directly tied to the project, such as materials, labor, and equipment. Indirect costs, on the other hand, are overheads like rent, utilities, and administrative salaries that aren't directly tied to the project but still contribute to its success. To calculate total costs, you add these expenses together. For example, if a project requires $5,000 worth of materials, $10,000 in labor, and $2,000 for rent and utilities, the total cost would be $17,000. This figure is crucial for budgeting, pricing decisions, and assessing the financial viability of a project or business.
