Cost Optimization Best Practices Flashcards
How do you implement cloud financial management?
Implementing Cloud Financial Management enables organizations to realize business value and financial success as they optimize their cost and usage and scale on AWS.
COST 1:
How do you govern usage?
Establish policies and mechanisms to ensure that appropriate costs are incurred while objectives are achieved. By employing a checks-and-balances approach, you can innovate without overspending.
COST 2:
How do you monitor usage and cost?
Establish policies and procedures to monitor and appropriately allocate your costs. This allows you to measure and improve the cost efficiency of this workload.
COST 3:
How do you decommission resources?
Implement change control and resource management from project inception to end-of-life. This ensures you shut down or terminate unused resources to reduce waste.
COST 4:
How do you evaluate cost when you select services?
Amazon EC2, Amazon EBS, and Amazon S3 are building-block AWS services. Managed services, such as Amazon RDS and Amazon DynamoDB, are higher level, or application level, AWS services. By selecting the appropriate building blocks and managed services, you can optimize this workload for cost. For example, using managed services, you can reduce or remove much of your administrative and operational overhead, freeing you to work on applications and business-related activities.
COST 5:
How do you meet cost targets when you select resource type, size and number?
Ensure that you choose the appropriate resource size and number of resources for the task at hand. You minimize waste by selecting the most cost effective type, size, and number.
COST 6:
How do you use pricing models to reduce cost?
Use the pricing model that is most appropriate for your resources to minimize expense.
COST 7:
How do you plan for data transfer charges?
Ensure that you plan and monitor data transfer charges so that you can make architectural decisions to minimize costs. A small yet effective architectural change can drastically reduce your operational costs over time.
COST 8:
How do you manage demand, and supply resources?
For a workload that has balanced spend and performance, ensure that everything you pay for is used and avoid significantly underutilizing instances. A skewed utilization metric in either direction has an adverse impact on your organization, in either operational costs (degraded performance due to over-utilization), or wasted AWS expenditures (due to over-provisioning).
COST 9:
How do you evaluate new services?
As AWS releases new services and features, it’s a best practice to review your existing architectural decisions to ensure they continue to be the most cost effective.
COST 10:
