AWS Service: Reserved Instance (RI) Reporting
Question: How can RI Reporting be used to forecast and manage costs for long-term projects or initiatives?
Answer:
RI Reporting is not primarily a forecasting tool, but it can be used to estimate the cost savings that Reserved Instances (RIs) can provide over a period of time. By analyzing the utilization of RIs over time and comparing it to the on-demand cost of the same resources, users can estimate the cost savings and plan their RI purchases accordingly. In addition, RI Reporting can provide insights into the cost impact of changes in usage patterns or infrastructure deployments, which can be useful in forecasting future costs. However, it is important to note that RI Reporting should be used in conjunction with other cost management tools, such as AWS Cost Explorer and AWS Budgets, to ensure a comprehensive and accurate cost forecast.
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