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Costing: meaning, definitions and examples

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costing

 

[ ˈkɒstɪŋ ]

Noun
Context #1 | Noun

expenses details

Costing refers to the process of determining the total costs of a product or service, particularly in the context of business and manufacturing. It involves analyzing all types of costs, including material, labor, and overhead, to ascertain how much a product will cost to produce. Understanding costing is essential for businesses to price their products appropriately and maintain profitability. Costing systems can vary widely, and may be used for project management, budgeting, or financial analysis.

Synonyms

budgeting, estimating, pricing

Examples of usage

  • The costing of the new product was more complicated than anticipated.
  • Our department is responsible for providing costing estimates.
  • Effective costing can determine the success of a business.
  • He reviewed the costing before finalizing the project.

Translations

Translations of the word "costing" in other languages:

🇵🇹 custo

🇮🇳 लागत

🇩🇪 Kosten

🇮🇩 biaya

🇺🇦 вартість

🇵🇱 koszt

🇯🇵 コスト

🇫🇷 coût

🇪🇸 costo

🇹🇷 maliyet

🇰🇷 비용

🇸🇦 تكلفة

🇨🇿 náklady

🇸🇰 náklady

🇨🇳 成本

🇸🇮 stroški

🇮🇸 kostna

🇰🇿 құны

🇬🇪 ხარჯები

🇦🇿 maliyet

🇲🇽 costo

Etymology

The term 'costing' originates from the verb 'cost', which traces back to the Old French 'coster' and the Latin 'costare', meaning 'to stand at a cost'. Over time, the word evolved in English to encompass not just the idea of expense, but also the scientific processes behind calculating and predicting costs in various economic fields. The concept of costing gained significant importance during the Industrial Revolution when businesses sought to streamline production and maximize profits through precise cost evaluations. By the early 20th century, costing had established itself as an integral part of business operations, with various costing methods developed to enhance financial decision-making. Today, costing is a fundamental area of study within accounting and finance, reflecting a complex interplay of resources, production, and pricing strategy.

Word Frequency Rank

Position #8,756 indicates this is an advanced-level word. While not essential for basic communication, it will enhance your ability to understand and create more nuanced content.