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The process of reducing cloud spend while maximizing cloud potential. Incorporate right-sizing, increasing elasticity, using reserved instances, and regularly reviewing spend and adjusting budgets. Best practices include employing cost-optimization tools and expert recommendations.

Cloud resources that are provisioned but not effectively utilized. These can significantly inflate costs and should be identified and eliminated or put to better use. Regularly monitor utilization and consider scheduling start/stop times for non-essential resources.

The process of removing or shutting down cloud resources that are no longer needed. Best practices include implementing automated policies for decommissioning, maintaining an inventory of resources, and ensuring there is no data loss during the process.

Tools that help manage cloud costs by setting budget thresholds and sending alerts when spending exceeds or is forecasted to exceed set amounts. Best practices include setting up granular budgets by department or project, reviewing them regularly, and incorporating historical data for accuracy.

The different ways in which cloud services are priced, including on-demand, reserved, spot, and savings plans. Best practices involve understanding the benefits and limitations of each model and choosing the right mix to suit the business needs and workload types.

The process of gathering, analyzing, and presenting data related to cloud spending. Reports should be accessible, understandable, and actionable for stakeholders. Best practices include regular generation, distribution to relevant stakeholders, and action-based on findings.

The level of detail provided in cloud billing, which can be by the hour, minute, or even second. More detailed granularity can lead to better insights and cost management. Best practices include understanding the granularity offered and leveraging it for precise tracking and optimization.

Automatically adjusting the number of active cloud resources based on workload demand. Best practices include setting appropriate scaling triggers, predicting scaling events, and using scaling to optimize costs during low-usage periods.

Measuring the cost per single unit of cloud resource to understand and optimize expenditure. Best practices include defining a clear unit for measurement, tracking unit costs over time, and comparing against industry benchmarks.

The process of breaking down cloud costs to understand spending patterns, which include tools and dashboards that visualize spend over time or by service. Best practices include regular cost attribution reviews and identifying areas of inefficiencies.

APIs offered by cloud providers that allow programmatic access to billing data for more efficient management. Best practices include integrating these APIs into custom billing dashboards and automating cost management tasks.

CapEx is the spending on physical infrastructure whereas OpEx is the day-to-day spending on services. The cloud shifts IT spending from CapEx to OpEx. Best practices include forecasting OpEx accurately and understanding the tax implications of each.

A commitment to use a specific amount of resources for a one to three-year period in exchange for lower prices compared to on-demand rates. Best practices include analyzing usage patterns, predicting long-term needs, and balancing with on-demand capacity for flexibility.

Fees associated with moving data in and out of the cloud. These costs can be significant and often overlooked. Best practices include monitoring data transfer usage, using content delivery networks to reduce costs, and compressing data for transfer efficiency.

Contracts that define the level of service provided by cloud vendors, including availability, performance, and response times. Important for cost management as they may include financial penalties or credits for not meeting specific criteria.

Adjusting the size and capacity of cloud resources to match workload requirements. Best practices include monitoring performance metrics, predicting future demand, and automating resize actions where possible.

The practice of monitoring and managing cloud spending to align with an organization's financial strategy and goals. It involves conducting regular financial reviews, using cost management tools, and engaging with stakeholders for budget accountability.

Pricing model where cloud services are billed based on real-time consumption without long-term commitment. Best practices include using on-demand for unpredictable workloads and combining with reserved instances or savings plans for cost efficiency.

Predicting future cloud resource requirements based on historical data and trends. Accurate forecasting can lead to better capacity planning and cost savings. Regularly refine forecasting models and compare predictions to actual usage for improvement.

Tags used to organize cloud resources and allocate costs in a multi-dimensional manner that mirrors an organization's structure or billing needs. Best practice includes setting up a consistent tagging strategy, regularly reviewing tag compliance, and using tags for detailed cost reporting.

Cloud instances available at discounted rates because they use excess capacity. Best practices include using spot instances for flexible/non-critical workloads, implementing fault-tolerant designs, and setting maximum bid prices.

A cost model where users pay only for the services they consume, typically measured per hour or per second. Best practices include monitoring usage patterns, scaling down when resources are underutilized, and budgeting according to historic trends.

A billing concept where you commit to a certain level of usage (e.g., a specific instance type) for a predetermined period in exchange for a discounted rate over on-demand pricing. Best practices include performing a thorough cost-benefit analysis before committing and considering usage patterns and future needs.

The ability of cloud resources to scale up or down quickly and efficiently as demand changes. Best practices include using auto-scaling features, designing stateless applications, and regularly reviewing elasticity policies for optimization.