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Cost Estimation in Budgeting:
Cost estimation plays a crucial role in the budgeting process of a manufacturing company by predicting future costs based on historical data, market trends, and business forecasts. Accurate cost estimation helps in setting realistic budget targets, allocating resources effectively, and identifying areas for cost reduction or efficiency improvements. It enables management to make informed decisions about pricing strategies, investment opportunities, and resource allocation to achieve financial goals and maintain competitiveness in the market.