2. Cost Engineering And Estimation
Cost Engineering is a type of engineering
practice which is mainly related to project
cost management activities. It helps in
proper
understanding of how a project is to be
constructed, what are the risk issue, how
to
overcome them and accurate cost an
schedule estimates. Cost engineering
involves
the activities such as cost and control,
estimation, cost forecasting, investment
appraisal and risk analysis.
3. Cost engineers
An engineer whose decision, judgment,
skilled and experience are utilized in
the
application of scientific principles,
techniques and problems of estimation
is
called a Cost engineer. In general, he
works for cost control, business
planning
and management science, profitability
analysis, project management and
4. Need Of Cost Engineering
Cost engineering helps companies with
decision-making, cost management and
budgeting with respect to product
development. It is an estimation of your
construction business and industry. It
helps
to plan your budget, monitor investment
of
projects, and search for the optimum
balance between cost, quality and time
requirement of your project.
6. Risk Analysis And Management
Cost Risk analysis is intended to
forecast
the amount of uncertainties involved in
the
cost estimate of future projects. If the
risk
is identified and qualified than efforts
can be
made to successfully deal with the
impact
of them occurring. The aim of risk
7. Conclusion:
Cost is a very important factor of
success
within the industry and cost estimating
and
cost management is necessary to the
survival of leading companies. Several
big
companies use this technique to get the
growth in today’s competitive scenario.
It
