What term refers to the value of a benefit or cost at a specific future date, taking into account the time value of money?

The correct term referring to the value of a benefit or cost at a specific future date, considering the time value of money, is future value. This concept is central to the understanding of how money grows over time due to interest or investment returns.

Future value calculates what an investment made today will be worth at a specific point in the future, accounting for factors like interest rates and the compounding effect over time. Essentially, it helps estimate the amount of money that will accumulate in the future from a current sum.

Understanding this concept is vital for cost technicians as it aids in making informed decisions regarding project investments, comparing various options with future cash flows, and determining the attractiveness of these investments compared to others.