They seek the optimum balance between cost, quality and time requirements.
[4] 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".
The most obvious perception is that engineering addresses technical issues, such as the physical design of a structure or system.
Simply stated, it is a systematic approach to managing cost throughout the life cycle of any enterprise, program, facility, project, product or service.
The skills and knowledge areas of cost engineers are similar to those of quantity surveyors.
Techniques and methodologies can vary depending on several factors, including: Importantly, cost engineering incorporates lessons learned from previous project experience and data-driven insights to provide an early understanding of design and construction decisions and risks.
With these insights, mitigative actions can be recommended to ensure successful project outcomes.
); 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.)...