"Cost engineering the engineering practice devoted to the project cost management, 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."
Skills and knowledge of Cost Engineers are similar to those of Quantity Surveyors.
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."
Read more about Cost Engineering: Overview, History, Professional Titles or Positions in Cost Engineering
Famous quotes containing the words cost and/or engineering:
“Each is under the most sacred obligation not to squander the material committed to him, not to sap his strength in folly and vice, and to see at the least that he delivers a product worthy the labor and cost which have been expended on him.”
—Anna Julia Cooper (1859–1964)
“Mining today is an affair of mathematics, of finance, of the latest in engineering skill. Cautious men behind polished desks in San Francisco figure out in advance the amount of metal to a cubic yard, the number of yards washed a day, the cost of each operation. They have no need of grubstakes.”
—Merle Colby, U.S. public relief program (1935-1943)