What does costing mean?
A "costing" is an estimate or calculation of what something will cost, or the process of producing such an estimate. The word belongs firmly to the worlds of business, accounting, and project management, where knowing likely expenses before committing money is essential. Companies perform costings when bidding for contracts, budgeting for new equipment, or deciding whether a project will be profitable. In British English, a "costing" can be a concrete document — much like a quote — whereas American English tends to favor terms like "cost estimate." Related technical phrases include "job costing," which tracks expenses per individual project, and "standard costing," which compares actual spending against planned figures. Though modest in appearance, the word carries real weight: a careful costing can save a business from expensive surprises, while a careless one can sink a venture before it starts.
nounThe process or activity of estimating the cost of something; an estimate or calculation of how much a project, product, or service will cost.
- The process of calculating or estimating the cost of a product, service, or project (uncountable).
- An estimate or statement of such costs, especially in business planning (countable, chiefly British).
"Before approving the renovation, the board asked for a detailed costing."
"Accurate job costing helped the firm identify which projects were quietly losing money."
"We received a full costing for the office fit-out before signing the lease."
The plural "costings" refers to multiple separate estimates or costing documents, typically prepared for different projects or by different suppliers.
"We compared costings from three suppliers before choosing the cheapest option."
Accountants have an entire discipline called 'job costing' that assigns every labor hour and material to the exact project it belongs to — so nothing hides in the numbers.
Reviewed by Deb Chak, Editor. AI-assisted content curated by RJS Tech Solutions LLP.
Etymology of costing
The noun "costing" derives from the verb "cost," which entered Middle English from Old French "coster" and ultimately traces back to Latin "constare," meaning "to stand together" or "to stand at a price." The gerund form evolved into a noun denoting the act of estimating expense, becoming established in commercial and accounting vocabulary as formal bookkeeping developed in the early modern period. Cognates sharing the same Latin root include "constant," "constancy," and "rest" (via re-stare), all reflecting the core idea of standing firm or fixed.
Related word forms
How costing is actually used
"Costing" is most at home in business, accounting, and project-management contexts. As a countable noun it is more common in British English, where it often functions as a synonym for "quote" or "estimate." In American English, "cost estimate" or "pricing" is usually preferred. It is neutral to formal in register.
Easily confused with costing
Coasting means moving along without effort or traveling on a coast, while costing refers to estimating the price of something.