Final answer:
The sum of all costs to complete a project is best described as 'project costs', which encompasses both direct and indirect expenses, necessary for the financial planning and assessment of a project to inform decision-making and economic analyses.
Step-by-step explanation:
The sum of all costs to complete a project is best described by the term project costs. These costs include a variety of expenses such as direct costs like materials, labor, and equipment, as well as indirect costs like overhead, administration, and other associated expenses. When preparing a project budget or analyzing the feasibility of a project, it is essential to calculate the project costs to understand the financial implications and assess the total cost of ownership. This encompasses not just the initial costs but also any ongoing or future expenses that may arise over the lifecycle of the project. Additionally, in the economic analysis, factors like fixed costs, variable costs, marginal costs, and average costs all play a role to evaluate potential profit and cost patterns.
To begin the process, one would calculate the total cost of buying the 'basket' (representing a set of goods or services) at different times. Mathematical models can estimate these costs and normalize them for comparison. Understanding the relationship between production and costs, including the various types of costs and production technology, is fundamental for managing project finances effectively.