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As per available reports 2342 Conference Proceedings, 10 relevant Journals and 458 National symposiums are presently dedicated exclusively to Cost Engineering and about 558 articles are being published on Cost Engineering.
Cost engineering is the engineering practice devoted to the management of project cost, involving such activities as cost- and control- estimating, which is cost control and 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. Topics like Healthcare reform & cost reduction, Cost reduction and Low cost/Response and differentiation strategy are of interest.
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.
Total cost management is that area of engineering practice where engineering judgment and experience are used in the application of scientific principles and techniques to problems of business and program planning; cost estimating; economic and financial analysis; cost engineering; program and project management; planning and scheduling; cost and schedule performance measurement, and change control.
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Scope and Importance:
Cost Engineering can provide your company with a total cost management solution. This starts with the right cost estimating software "developed by and for cost engineers" Cleopatra Enterprise. Using Enterprise, clients have become more competitive by boosting productivity and making better project execution decisions.
1. Estimate, request bids, analyze and keep track of costs and resources
2. Real time detail estimating of MTOs derived from engineering systems
3. Create conceptual estimates based on historical data and industry sources
4. Developed based on recommended practices from organizations like the AACE
5. Capture cost estimate relationship in advanced cost models
6. As easy as Excel
Cost Engineering provides solutions for a wide range of industries, like Oil & Gas, Power, Chemical, and Offshore, etc. Certified cost engineers can prepare and validate cost estimates for different phases in the project, from feasibility to construction. Also cost management, planning, value engineering, contracting and risk analysis are part of their toolbox.
Cost estimators collect and analyze data in order to estimate the time, money, materials, and labor required to manufacture a product, construct a building, or provide a service. They generally specialize in a particular industry or type of product. The median annual wage for cost estimators was $58,860 in May 2012. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $34,520, and the top 10 percent earned more than $96,670.
List of major Associations and Societies on Cost Engineering:
1. Australian Cost Engineering Society
2. Association for the Advancement of Cost Engineering (AACE)
3. International Cost Engineering Council
4. Association of Cost Engineers
This page will be updated regularly.
This page was last updated on October 1, 2022