Cost engineering and estimation

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Know about cost engineering and its benefits.

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Cost engineering and estimation

  1. 1. Cost Engineering And Estimation
  2. 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. 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. 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.
  5. 5. Cost-Estimating Methods "Rule Of Thumb" Approach  Detailed "Grass-Root" Or "Bottom-Up" Approach  Analogy  Competitive Supplier Proposals  Parametric Approach 
  6. 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. 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
  8. 8. Thank You Benchmark Estimating http://www.benchmarkestimating.co.uk

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