Difference between Standard cost and standard price

Hi:
I have gone through google but i could not find any answer to the question clicking my mind. When we talk about standard cost and standard price..Should they be taken synonymously? Are these two same concepts... If there is any difference between two please do let me know..Similarly is there any difference between Actual cost and actual price. Please guide
Br

For Finished Goods, Cost is nothing but your manufacturing or procurement cost.
Where as Price is nothing but your sales price of the same Finished Goods.
Simply when you buy, it is cost and when you sell it is price.
Price includes cost + Profit or loss.
But from SAP point of view Standard Price field in Material master is Standard Cost.
Standard cost will be arrived when we manufacture or procure
Sale price will be entered in Sale order as condition value.

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Here is the explanation which I didn't understand from the book;
In planning your departmental retreat, suppose you
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You say that the budget cost is total money which committee gave you for the project.
But the book refer budget cost for every resource. I don't understand that.
" In planning your departmental retreat, suppose you
have specific budget targets
for certain cost categories, $2,500
for travel expenses, $500 for printing,
and $1,000 for conference room rentals. Using Project’s budget resource
feature, you can define your budget
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costs to your planned costs. This way, you
can view your travel budget
of $2,500 side by side with your planned
costs of, say, $3,700,
and immedi- ately see that your next
goal is to find a way to trim those travel
costs. "
For example here travel budget cost is 2500 whereas planned cost is 3700. Planned cost of travel expense is created by the project manager. Who does define travel budget cost?
Let's say an employee's cost is 20 dollars per hour and I write it on the project. So how much is this employee's budget cost, Who does define it, From whom do I learn that data?

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994551 wrote:
Hi,
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I have an asset for which the cost is shown as 1,672.696 at header level in Source Lines window.
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Difference between Standard cost and standard price

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