Capital costs refer to the expenses incurred to acquire, upgrade, and maintain physical assets such as properties, industrial buildings, or equipment. Often, these costs are major, one-time expenses that have long-term benefits.
Cost estimating involves determining the total costs of labor, materials, capital, and professional fees required for a proposed product. This process is crucial in project management, construction, manufacturing, and other sectors where budgeting and financial planning are essential.
Labor-intensive refers to any activity in which labor costs are more crucial than capital costs. Such activities typically require a significant amount of human effort and time.
