Cost Management
Cost Management
8th Edition
ISBN: 9781259917028
Author: BLOCHER, Edward
Publisher: Mcgraw-hill Education,
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Chapter 8, Problem 1Q
To determine

Explain the term cost estimation and its purpose.

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Explanation of Solution

Cost estimation is the development of a defined relationship between cost object and cost drivers for the purpose of predicting the future cost. It also facilitates the strategic management.

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Relevant Costing Explained; Author: Kaplan UK;https://www.youtube.com/watch?v=hnsh3hlJAkI;License: Standard Youtube License