ajakulude
Ajakulud is an Estonian term referring to time costs—the value of time spent on performing tasks and activities. In business, project management and cost accounting, ajakulud capture not only direct labor hours but also the time associated with setup, changeover, waiting, interruptions, meetings, and other non-value-adding activities. They also reflect the opportunity cost of using time for one task instead of another. Ajakulud are usually expressed as monetary amounts, calculated by applying a time cost rate to the hours spent.
Calculation typically involves several steps. First, determine the standard time required for a task or process.
Applications of ajakulud include budgeting, cost-benefit analysis, pricing, and project scheduling. They help organizations price services
Limitations exist, since time-cost estimates depend on worker efficiency, turnover, and context. Non-monetary factors such as