Cost rules encapsulate the business logic that determines how the labor cost is calculated.
Cost factors are the factors that determine cost rates. The same factors generally determine cost rates in any organization. These common cost factors are Time period, Region, Role, Skills, specific Resource, and so on.
A cost factor value is the specific value for a given cost factor."
For example, for the Department cost factor, the cost factor value could be "Finance," whereas for the Region cost factor, the value could be "America."