Cost engineers refer to these investments collectively as "costs". Cost engineering, then, can be considered an adjunct of traditional engineering. It recognizes and focuses on the relationships between the physical and cost dimensions of whatever is being "engineered". Cost engineering is most often taught at universities as part of construction engineering , engineering management , civil engineering , and related curricula because it is most often practiced on engineering and construction capital projects.
Engineering economics is a core skill and knowledge area of cost engineering.
Associations, considered non-profits organizations--one example, is AACE International "is dedicated to the tenets of furthering the concepts of Total Cost Management and Cost Engineering. Total Cost Management is the effective application of professional and technical expertise to plan and control resources, costs, profitability and risk.
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Simply stated, it is a systematic approach to managing cost throughout the life cycle of any enterprise, program, facility, project, product or service. This is accomplished through the application of cost engineering and cost management principles, proven methodologies and the latest technology in support of the management process. Total Cost Management is that area of engineering practice where engineering judgment and experience are utilized 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; and cost and schedule performance measurement and change control.
In summary, the list of practice areas Cost engineering is a field of engineering practice that began in the s AACE International was founded in The skills and knowledge areas of cost engineers are similar to those of quantity surveyors.
AACE International is one of many international engineering organizations representing practitioners in these fields. This has also been called the world's first process for portfolio, program and project management. 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. From Wikipedia, the free encyclopedia. Sectors Toggle Section.
Why finance matters for project managers
Finance and Economic Analysis. More than ever, CAPEX and OPEX decisions are under tremendous scrutiny as markets, technology and budgetary constraints impact whole-of-life costs and long-term project viability. Below are the local projects for Finance and Economic Analysis. Below are your key contacts for Finance and Economic Analysis. Related Sectors and Services.
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