Cost engineering
Cost engineering is the practice of managing the costs involved on a construction project. This includes activities such as cost control, budgeting, forecasting, estimating, investment appraisal and risk analysis.
While cost engineering relates more to engineering projects and processes, it can also be used as a broad term for the responsibilities of different roles, including:
The primary aim of cost engineering is to achieve the ideal balance between the price, quality and time obligations of a project.
Those responsible for cost engineering are typically concerned with the relationships between the physical and cost components of what is being designed.
A cost engineer is a professional who, as a result of training and experience, is competent in the use and development of the principles of cost engineering.
Cost engineers can be employed as consultants to manage and/or assess the costs of a project or organisation. They may be consulted before a project begins, or before a tender is submitted, so that budgets can be assessed and forecasts made.
[edit] Related articles on Designing Buildings Wiki
- Accounting.
- Budget.
- Business plan.
- Commercial manager.
- Cost.
- Cost consultant.
- Cost plans.
- Cost control.
- Estimator.
- Expected market cost.
- Mixed economy.
- Pre-tender estimate.
- Quantity surveyor.
- Relevant cost.
- Whole-life costing.
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