Given two text strings A of length n and B of length m, you want to
transform A into B with a minimum number of operations of the following
types: delete a character from A, insert a character into A, or change some
character in A into a new character. The minimal number of such operations
required to transform A into B is called the edit distance between A and B.

Solution:

ci = Insertion cost
cd= deletion cost
cr=replacement cost.

T[i][j] = Min cost to transform A[1..i] to B[1...j]
http://codepad.org/y1oUtioX

Is there any better solution available?

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