Explain briefly the following with simple examples; i. Tangible costs and Intangible costs ii. Fixed costs, direct costs and indirect costs iii. Sunk costs and prospective costs iv. Running costs v. Cost baseline vi. Cost variances vii. Management reserve and contingency reserve

Explain briefly the following with simple examples;

1. Tangible costs and Intangible costs
2. Fixed costs, direct costs and indirect costs
3. Sunk costs and prospective costs
4. Running costs
5. Cost baseline
6. Cost variances
7. Management reserve and contingency reserve