Cloud Budgets and Forecasts - Cost Optimization Pillar

Cloud Budgets and Forecasts

Establish cloud budgets and forecasts: Customers use the cloud for efficiency, speed and agility, which creates a highly variable amount of cost and usage. Costs can decrease with increases in workload efficiency, or as new workloads and features are deployed. Or, workloads will scale to serve more of your customers, which increases cloud usage and costs. Existing organizational budgeting processes must be modified to incorporate this variability.

Adjust existing budgeting and forecasting processes to become more dynamic using either a trend-based algorithm (using historical costs as inputs), or using business driver based algorithms (for example, new product launches or regional expansion), or a combination of both trend and business drivers.

You can use AWS Cost Explorer to forecast daily (up to 3 months) or monthly (up to 12 months) cloud costs based on machine learning algorithms applied to your historical costs (trend based).