Meaning & Definition of word "Costing"

Costing

/ˈkɒstɪŋ/

noun:

  • 1. The calculation of the total cost of producing or providing a product or service.
    • Example: The costing for the new project was significantly higher than planned.
  • 2. An estimate of how much money is required for production or services.
    • Example: We need to prepare a costing to present to the board next week.
  • 3. The process of determining the cost of goods or services.
    • Example: Accurate costing is crucial for setting competitive prices.

verb:

  • 1. Present participle of cost; to calculate or determine the cost of something.
    • Example: The new software is costing more than initially projected.
  • 2. To result in a financial expenditure or loss.
    • Example: This renovation project is costing us a fortune.

Etymology

Derived from the verb 'cost', combining with the suffix '-ing' to denote the act or process.

Common Phrases and Expressions

costing an arm and a leg:

To be very expensive.

cutting costs:

Reducing expenses or expenditures.

cost of living:

The amount of money needed to maintain a certain standard of living.

Related Words

cost:

The amount that needs to be paid or spent to buy or obtain something.

expense:

The cost required for something; the money spent on something.

budget:

An estimate of income and expenditure for a set period of time.

Slang Meanings of costing

Meaning: Big bucks

Example Sentence: That car is nice, but it costs big bucks.

Meaning: Bank breaker

Example Sentence: This new phone is a bank breaker.