AWS Service: AWS Cost Explorer
Question: How can AWS Cost Explorer be used to forecast and manage costs for long-term projects or initiatives?
Answer:
AWS Cost Explorer can be used to forecast and manage costs for long-term projects or initiatives through the use of Cost Explorer’s forecasting and budgeting capabilities.
To create a forecast, Cost Explorer analyzes historical usage and cost data, identifies trends and patterns, and then generates a projection of expected usage and costs over a specified period of time. This projection can be used to set budgets and track progress towards cost targets.
In addition, Cost Explorer also provides recommendations for cost optimization, such as recommendations to purchase Savings Plans or Reserved Instances to reduce costs over the long term.
By regularly monitoring and analyzing cost data in Cost Explorer, organizations can gain better visibility into their spending patterns and make informed decisions to optimize costs over the long term.
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