Cost engineering

Cost engineering is "the engineering practice devoted to the management of project cost, involving such activities as estimating, cost control, cost forecasting, investment appraisal and risk analysis". "Cost Engineers budget, plan and monitor investment projects. They seek the optimum balance between cost, quality and time requirements." Skills and knowledge of cost engineers are similar to those of quantity surveyors. In many industries, cost engineering is synonymous with project controls. As the title "engineer" has legal requirements in many jurisdictions (e.g. Canada, Texas ), the cost engineering discipline is often renamed to project controls. A cost engineer is "an engineer whose judgment and experience are utilized in the application of scientific principles and techniques to problems of estimation; cost control; business planning and management science; profitability analysis; project management; and planning and scheduling".

Cost engineering is "the engineering practice devoted to the management of project cost, involving such activities as estimating, cost control, cost forecasting, investment appraisal and risk analysis". "Cost Engineers budget, plan and monitor investment projects. They seek the optimum balance between cost, quality and time requirements." Skills and knowledge of cost engineers are similar to those of quantity surveyors. In many industries, cost engineering is synonymous with project controls. As the title "engineer" has legal requirements in many jurisdictions (e.g. Canada, Texas ), the cost engineering discipline is often renamed to project controls. A cost engineer is "an engineer whose judgment and experience are utilized in the application of scientific principles and techniques to problems of estimation; cost control; business planning and management science; profitability analysis; project management; and planning and scheduling". ==Professional titles or positions in cost engineering== "Cost engineering practitioners tend to be: a) specialized in function (e.g., cost estimating, planning and scheduling, etc.); b) focused on either the asset management or project control side of the TCM process; and c) focused on a particular industry (e.g., engineering and construction, manufacturing, information technology, etc) or asset type (e.g., chemical process, buildings, software, etc.)... They may work for the business that owns and operates the asset (emphasis on economics and analysis), or they may work for the contractor that executes the projects (emphasis on planning and control)." Some titles or positions in the Cost Engineering practice include: Claims and Changes Specialist Construction Estimator Construction Manager Contract Management Specialist Cost Analyst Cost Engineer Cost Estimator (or Estimator) Planner/Scheduler (or Scheduling Engineer) Pre-Construction Manager Project Controls Engineer Project Controls Manager Project Controls Project Controller Project Manager Quantity Surveyor Estimating Engineer Forecast Engineer Budgeting and Analyser Cost Control Manager ==See also== AACE International Building estimator Construction Management Cost estimate Construction Estimating Software Cost overrun Cost-plus contract International Cost Engineering Council Moral hazard Muntzing Optimism bias Pre-construction services Project management Quantity surveyor Reference class forecasting Risk management Risk premium Total delivery cost Value engineering ==References== ==External links== Quantity Surveyor|Cost Estimator (Quantity Surveying and Cost Engineering Web Portal) AACE International (Association for the Advancement of Cost Engineering) International Cost Engineering Council (ICEC) Society for Cost Analysts and Forecasting (SCAF) Association of Cost Engineers (ACostE) Dutch Association of Cost Engineers (DACE) Cost Engineering at Cranfield University, UK Cost Engineering at Cost Engineering Academy, NL

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