Now RI Recommendation in AWS Cost Explorer
Accessing Your RI Purchase Recommendations and Identifying Opportunities for Cost Optimization
When to choose to move in the cloud. The first thing comes in our mind is "How much it will cost, how can we utilized the resources and How can I monitor my Billing and optimize my billing".
Now without any third-party tool, you can get RI Recommendation and other reports which will help you to optimize your billing. And the Solution is Cloud Explorer. Now, If you enable the AWS Cost Explorer, you will automatically get Amazon EC2, Amazon RDS, ElastiCache, Amazon ES, and Amazon Redshift Reserved Instance (RI) purchase recommendations that could help you reduce your costs. RIs provide a discounted hourly rate (up to 75%) compared to On-Demand pricing. Cost Explorer generates your RI recommendations using the following process:
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Identifies your On-Demand Instance usage for a service during a specific time.
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Collects your usage into categories that are eligible for a RI
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Simulates every combination of RIs in each category of usage
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Identifies the best number of each type of RI to purchase to maximize your estimated savings
Cost Explorer recommendations are based on a single account or organization usage of the past seven, 30, or 60 days. Cost Explorer ignores usage that is already covered by a RI. Amazon EC2, ElastiCache, Amazon ES, and Amazon Redshift recommendations are for RIs scoped to Region, not Availability Zones, and your estimated savings reflects the application of those RIs to your usage. Amazon RDS recommendations are scoped to either Single-AZ or Multi-AZ RIs. Cost Explorer updates your recommendations at least once every 24 hours.
Note: Cost Explorer doesn't forecast your usage or take forecasts into account when recommending RIs. Instead, Cost Explorer assumes that your historical usage reflects your future usage when determining which RIs to recommend.