standard cost

noun
a predetermined cost of material, labor, etc., based on specifications prepared from time-and-motion studies, accounting records, and the like.
Compare actual cost.


Origin:
1930–35

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World English Dictionary
standard cost
 
n
accounting the predetermined budgeted cost of a regular manufacturing process against which actual costs are compared

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009
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Example sentences
Option for both standard cost estimate and site-specific third party cost estimate should be retained.
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