Cost rate refers to the monetary expenditure per unit of service or per unit of time spent on a task, offering insights into how costs align with revenue streams. It can be expressed as the rate at which expenses are incurred over a specific period (e.g., hourly, daily, monthly). Cost rate metrics are often used to (1) analyze or project the financial performance of a business or project and to (2) make comparisons, make budgeting decisions, and optimize operations.