Operational costs include which of the following elements?

Operational costs encompass the ongoing expenses that a business incurs through its normal operations. Service parts are essential to maintaining and servicing hardware assets, ensuring that equipment remains functional and up-to-date. This type of cost is recurrent and is directly associated with the daily operations of maintaining hardware, making it a crucial aspect of operational costs.

The purchase cost, while significant, pertains more to capital expenses rather than operational costs. Installation costs are typically one-time expenses related to the initial setup of hardware and do not recur regularly as part of ongoing operations. Maintenance fees could be considered operational in some contexts, but they are not the only factor as operational costs also include other elements like service parts that facilitate continuous function and support of hardware assets. Therefore, service parts stand out in this context as quintessential to understanding and managing operational costs in Hardware Asset Management.