"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."
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Famous quotes containing the words cost and/or engineering:
“The cost of a thing is the amount of what I will call life which is required to be exchanged for it, immediately or in the long run.”
—Henry David Thoreau (1817–1862)
“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)