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Perform cost analysis for different usage over time

Evaluating costs effectively requires a thorough analysis of various AWS services across multiple usage scenarios. By conducting this analysis over time and projecting future usage levels, organizations can ensure that they are optimizing their workloads for cost efficiency throughout their lifecycle.

Best Practices

  • Engage in Regular Cost Review Sessions: Conduct bi-monthly or quarterly reviews of service costs as usage patterns evolve. Regular reviews help identify overspending and allow for the opportunity to switch to more cost-effective service options as workloads scale.
  • Leverage AWS Cost Management Tools: Utilize AWS Cost Explorer and AWS Budgets to analyze service costs. By visualizing cost trends, you can make informed decisions about resource usage and budgeting to avoid unexpected expenses.

Supporting Questions

  • Are you regularly monitoring your AWS expenditures?
  • Have you established KPIs for measuring service efficiency?

Roles and Responsibilities

  • Cloud Financial Analyst: Responsible for conducting cost analyses and ensuring spending aligns with projected budgets. This role uses AWS tools to track costs and provides recommendations for service usage optimization.
  • Solutions Architect: Designs architectures that maximize cost efficiency. They select appropriate services based on projected load and operational goals, ensuring optimal spend.

Artifacts

  • AWS Cost Management Dashboard: A tool that provides an overview of spending and service usage, allowing teams to track costs effectively against their budgets.
  • Cost Projection Reports: Documentation detailing projected costs based on different usage patterns, aiding in decision-making for resource scaling.

Cloud Services

AWS

  • Amazon EC2: Offers scalable compute capacity. Understanding usage patterns helps in optimizing instance types and managing costs.
  • Amazon RDS: Provides managed relational database services, freeing users from overhead and potentially lowering operational costs when properly sized.
  • Amazon S3: Scalable storage with tiered pricing. Evaluating storage needs helps select the correct storage class to minimize costs.

Question: How do you evaluate cost when you select services?
Pillar: Cost Optimization (Code: COST)

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