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What (who) is total cost - definition
Total cost
![One can decompose total costs as the sum of [[fixed costs]] and [[variable costs]]. Here output is measured along the horizontal axis. In the [[Cost-Volume-Profit Analysis]] model, total costs are linear in volume.](https://commons.wikimedia.org/wiki/Special:FilePath/CVP-TC-FC-VC.svg?width=200 "One can decompose total costs as the sum of [[fixed costs]] and [[variable costs]]. Here output is measured along the horizontal axis. In the [[Cost-Volume-Profit Analysis]] model, total costs are linear in volume.")
![The total cost curve, if non-linear, can represent increasing and [[diminishing marginal returns]].](https://commons.wikimedia.org/wiki/Special:FilePath/Kostukurba 01-en.svg?width=200 "The total cost curve, if non-linear, can represent increasing and [[diminishing marginal returns]].")
TOTAL ECONOMIC COST OF PRODUCTION
Total Cost; Total Costs; Total costs
In economics, total cost (TC) is the minimum dollar cost of producing some quantity of output. This is the total economic cost of production and is made up of variable cost, which varies according to the quantity of a good produced and includes inputs such as labor and raw materials, plus fixed cost, which is independent of the quantity of a good produced and includes inputs that cannot be varied in the short term such as buildings and machinery, including possibly sunk costs.
Total cost of ownership
METHOD OF COST ANALYSIS
Total Cost of Ownership; Cost of ownership; Total cost of 0wnership; Total cost of operations; Total cost of operation; TCO costs; Costs of ownership
Total cost of ownership (TCO) is a financial estimate intended to help buyers and owners determine the direct and indirect costs of a product or service. It is a management accounting concept that can be used in full cost accounting or even ecological economics where it includes social costs.
Total cost management
PROCESS USING PRINCIPLES OF COST ENGINEERING FOR PORTFOLIO, PROGRAM AND PROJECT MANAGEMENT
Total Cost Management
Total cost management (TCM) is the name given by AACE International to a process for applying the skills and knowledge of cost engineering. It is also the first integrated process or methodology for portfolio, program and project management.
Examples of use of total cost
1. The total cost to me so far: effectively nothing.
2. "The total cost is not yet known," said Richard M.
3. The total cost was more than $100,000, the affidavit said.
4. The total cost over the period was 304.4 million.
5. The total cost of the project will be $45 million.