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Cost evaluation is the process of estimating and analyzing the total expenses involved in the development, production, and delivery of a product or service. It includes both direct costs (like materials, labor, and manufacturing) and indirect costs (such as overhead, maintenance, and administrative expenses). The purpose of cost evaluation is to determine the economic feasibility of a project, set appropriate pricing strategies, control budgets, and improve resource allocation. It plays a critical role in decision-making, helping organizations maximize profit while maintaining quality and competitiveness.