Label Cost Calculator

Calculate Label Cost









Formula

The formula to calculate the Label Cost (LC) is:

\[ LC = (N \times P) + (S \times H) + M \]

Where:

What is Label Cost?

Label cost refers to the resources, time, and effort spent on manually labeling data for machine learning algorithms. This process is crucial for supervised learning models where the algorithm needs to understand and learn from pre-defined data. The cost can be high, especially for large datasets, as it requires human intervention to accurately label or categorize the data. This cost can include hiring data scientists or using data labeling services.

Example Calculation

Let's assume the following values:

Using the formula to calculate the Label Cost (LC):

\[ LC = (N \times P) + (S \times H) + M = (1000 \times 0.05) + (50 \times 2.00) + 100.00 = 50 + 100 + 100 = 250 \text{ $} \]

The Total Label Cost (LC) is $250.00.