Costed

Costed is the past tense and past participle of the verb 'to cost'. It signifies the determination of the price, expense, or expenditure associated with something. This can involve calculating the monetary value of goods, services, projects, or activities. The act of 'costing' is crucial in financial planning, budgeting, and economic analysis, enabling individuals and organizations to assess feasibility, allocate resources effectively, and make informed decisions regarding investments and purchases. It considers not just the immediate price, but often all expenses associated with acquisition, development, production, and distribution.

Costed meaning with examples

• The project manager carefully costed the renovations, factoring in labor, materials, and unforeseen expenses. The final cost, including all contingencies, was presented to the stakeholders for approval, using the information to help decide if they should move forward or modify their plans to fit the proposed budget, and make it feasible.
• Before launching the new product, the company thoroughly costed the entire production process, from raw materials to marketing, to determine its potential profitability. This analysis considered all overhead expenses, including rent, utilities, and salaries, to arrive at an accurate estimate of the total investment required, as well as expected returns.
• The insurance adjuster costed the damage to the vehicle, assessing the price of the repairs, replacement parts, and labor to provide an estimate for the client. This evaluation allows the company to give the client a fair settlement, considering both immediate repair costs and potential long-term effects from the damage.
• The non-profit carefully costed the humanitarian aid package, ensuring that the supplies, transportation, and distribution were within their budget constraints. They sought out alternative vendors to optimize expenses, providing assistance to the impacted region by distributing supplies to those in need.
• The accountant meticulously costed the various elements of the business proposal, providing a detailed breakdown of the financial aspects for investors. This allowed potential investors to understand the financials, determine their return on investment, and decide to allocate resources to the project.