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The paper presents a model of operational capabilities cost calculation at the stage of operation execution, using example of the operational capabilities of forces in multinational operations, which can help calculate the financial resources required. Taking into consideration the standards and conditions of mission performance of the Serbian Armed Forces in multinational operations, as well as the resources required for maintenance and use of operational capabilities, the model enables an estimate of capability costs, and hence an estimate of the operation costs. Capability costs are viewed in terms of human resources, weapons and military equipment, and infrastructure. The presented model, with modifications and adjustments, may be applied for the operational cost calculation for all types of operations, but also for the calculation of the capability development cost and an estimate of long-term defense spending. As such, the model may be used in planning the development and in planning the use of forces. A problem occurring in the input data collection phase, referring to the accuracy of the data, may be identified as a disadvantage of the model.