Question

Estimating &costing definition
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Answer 1

Answer:

Estimation is aimed to calculate the probable cost of the product before the manufacturing starts, and while costing is the determination of actual cost of the product by adding various elements of expenses incurred. ...

Answer 2

$answer$

Estimating &costing definition

Estimation (or estimating) is the process of finding an estimate, or approximation, which is a value that is usable for some purpose even if input data may be incomplete, uncertain, or unstable. The value is nonetheless usable because

Cost, in common usage, the monetary value of goods and services that producers and consumers purchase. In a basic economic sense, cost is the measure of the alternative opportunities foregone in the choice of one good or activity over others. This fundamental cost is usually referred to as opportunity cost.