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:
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.
 Related articles on Designing Buildings Wiki
- Business plan.
- Commercial manager.
- Cost consultant.
- Cost plans.
- Cost control.
- Pre-tender estimate.
- Quantity surveyor.
- Whole-life costing.
 External resources
Featured articles and news
What will the General Data Protection Regulations (GDPR) mean for you when they come into force in May?
Business Secretary chairs a new taskforce to monitor and advise on mitigating the impacts of Carillion’s liquidation.
Sir John Armitt is appointed the new chair of the National Infrastructure Commission.
High quality and high density homes - is it what we need or is it storing up trouble?
Government announces its intention to strengthen planning rules to protect music venues and neighbours.
National Audit Office reports that there is little evidence that PFI offers better value than other forms of contracting.
What is liquidation and how does it apply to contractors in the construction industry?
Scrutiny is placed on Carillion's controversial 2013 decision to extend subcontractor payment terms to 120 days.
RSHP unveil their involvement in a boundary crossing which will provide a new entry point into Hong Kong.
With PFI currently under the spotlight due to Carillion, this introductory article explains what they are.
Estimates suggest that up to 30,000 small firms could be at risk of non-payment as a result of Carillion's collapse.