Cost Recovery

Cost recovery refers to the process of recouping the costs incurred while providing goods or services. In business and project management, it ensures that the expenses related to production, operations, or investments are fully covered. This could involve charging customers appropriately, implementing fees, or seeking reimbursements from clients or stakeholders. Effective cost recovery is crucial for financial sustainability, helping organizations maintain operations, support growth, and avoid losses. Essentially, it’s about ensuring that what you spend is balanced by what you earn, keeping the financial health of a business or project intact.