What is the difference between estimation and costing?

1,estimation is finding the cost before it has been actually manufactured. and costing is finding cost after manufacturing the product including the defect product cost.

2,estimation need high technical skills and knowledge hence its done by engineering department but costing need high accounting skills hence its usually done by Accountants or account departments

3,estimation foresee the probable cost and hence it can be used to decide whether one need to produce a particular product or not. or if its profitable or not

costing helps to understand to what extent the estimation holds good also when and where it fails