How do you calculate M2 cost?

Could you please elaborate on the methodology used to calculate the M2 cost? I'm particularly interested in understanding the components that contribute to this metric and how they are weighted or combined to arrive at the final cost figure. Are there any specific formulas or algorithms involved in the process? Additionally, are there any industry standards or best practices that guide the calculation of M2 cost, or does it vary depending on the specific context or use case?