Definition, Meaning & Synonyms

costing

noun
/ˈkɒstɪŋ/
Definition
The process of determining the expenses associated with the production of goods or services.
Examples
  • The costing of the new project was analyzed to ensure it stayed within budget.
  • Effective costing can reveal potential savings in the production process.
  • Understanding the costing of each component is essential for pricing strategies.
Meaning
Costing involves analyzing and estimating the financial outlay required in producing a product or service, including materials, labor, and overhead.
Synonyms
  • Pricing
  • Valuation
  • Estimating