Which one is correct?
"costing" or "cost implication"?

Question

Which one is correct?
"costing" or "cost implication"?

It refers to the process of estimating or calculating costs. For example, 'The team is currently costing the new product line.'

Examples:

We are in the process of costing the new project.
The accountant is responsible for costing the company's products.
Costing the renovation of the building will require detailed analysis.
The software helps in accurately costing the manufacturing process.
The company is considering outsourcing the costing of their services.

Alternatives:

cost estimation
cost calculation
pricing
budgeting
expense assessment

It refers to the potential consequences or effects on costs. For example, 'The decision to expand the project has significant cost implications.'

Examples:

The cost implication of using a new supplier needs to be carefully considered.
There are serious cost implications associated with delaying the construction project.
We need to analyze the cost implications of implementing the new software system.
The cost implications of the proposed changes are still unclear.
The report outlines the cost implications of the company's expansion plans.

Alternatives:

financial impact
cost consequences
cost effects
cost ramifications
cost repercussions

Both "cost implication" and "costing" are correct, but they are used in different contexts. "Cost implication" refers to the potential consequences or effects on costs, while "costing" is the process of estimating or calculating costs.

Last Updated: March 15, 2024

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