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
