From the course: Intro to Service Management with ITIL® 4
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Costs - ITIL Tutorial
From the course: Intro to Service Management with ITIL® 4
Costs
- In this lesson, we're going to discuss cost. Now, the cost of something is the amount of money that's spent on a particular activity or a particular resource. While cost is usually expressed financially, it can also be expressed in nonfinancial ways, too. For example, when we create a new course here, we actually measure the cost of the course in the number of hours spent creating it. A typical course like this one might require 400 or 500 hours' worth of effort across our entire staff. This usually is described in either the measurement of man-hours or FTEs. Man-hours are also known as person-hours, because we want to be equal opportunist here. FTEs, on the other hand, stands for full-time equivalent. And it's used to measure things based on a single employee who works 40 hours per week for an entire year. This equates to roughly 2,000 hours' worth of work. So, if we need to run a web server to host all of our courses,…
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