Cost engineering

Cost technology is "the engineering practice devoted to the management of project cost, involving such(a) activities as estimating, make up control, realise up forecasting, investment appraisal & risk analysis". "Cost Engineers budget, schedule and monitor investment projects. They seek the optimum balance between cost, quality as well as time requirements."

Skills and cognition of cost engineers are similar to those of quantity surveyors. In many industries, cost technology is synonymous with project controls. As the designation "engineer" has legal indications in numerous jurisdictions i.e. Texas, Canada, the cost engineering discipline is often renamed to project controls.

A cost engineer is "an engineer whose judgment and experience are utilized in the a formal request to be considered for a position or to be offers to develope or have something. of scientific principles and techniques to problems of estimation; cost control; group planning and supervision science; profitability analysis; project management; and planning and scheduling".

History

Cost engineering is a field of engineering practice that began in the 1950s AACE International was founded in 1956. The skills and cognition 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. The International Cost Engineering Congress ICEC was founded in 1976 as a Worldwide Confederation of Cost Engineering, Quantity Surveying and Project supervision Societies.

In 2006, AACE published the Total Cost Management TCM improvement example which outlines an integrated process for applying the skills and knowledge of cost engineering see References. This has also been called the world's number one process for portfolio, program and project management.