What is meant by Calculation?
As the name implies, "calculation" is the calculation of, for example, costs, prices or other quantitative values. This calculation is made on the basis of defined parameters, data or assumptions. Calculations are used in various areas and industries to support financial or technical decisions.
Examples of calculations are:
- Cost calculation
- Pricing calculation
- Financial calculation
- Risk calculation
- Quantity calculation
- Time costing
Typical functions of software in the "Costing" area include:
- Input of parameters, data or assumptions required for costing.
- Mathematical formulas or algorithms for carrying out various types of calculations
- Presentation of results
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