Example Concept: Implementing storage lifecycle policies is a key practice for cost optimization. By automatically transitioning data between different storage classes based on access frequency, you can reduce costs. For example, frequently accessed data can be stored in a high-performance class, while infrequently accessed data can be moved to a lower-cost, archival class. This approach aligns with the Well-Architected Framework's cost optimization pillar, ensuring resources are used efficiently without compromising on availability or durability.