Definition: TCO or Total Cost of Ownership is a very common business term that means taking into account ALL costs, direct & indirect, now and in the future; not just obvious upfront costs. Taking TCO into account can significantly help make more informed decisions.

Example #1: For example, let's say you're considering buying a car. The sticker price might be your initial cost, but TCO would factor in the price of insurance, fuel, maintenance, taxes, and potential resale value.

Sentence #1: You could say, "The price for this car seems reasonable, but I don't know if my budget can handle the true TCO."

Example #2: As another example, let's say you're meeting with a sales team for a new technology to implement in your workplace. You'll definitely want to ask what the long-term TCO would be beyond the upfront cost. That could include things like maintenance, bug-fixes, support, updates, subscription renewals, training, staffing resources, and more.

Your turn! Use TCO in a real-world sentence below, and I'll verify or correct each one!

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