Cost engineering: Engineering Design impacts whole-life cost of products produced. Understanding true cost of a product and the cost drivers during the design stage could guide the design process to obtain more competitive solutions. Cost engineering is concerned with cost estimation, cost control, business planning and management, profitability analysis, cost risk analysis and project management, planning, and scheduling. This special issue is mostly concerned with the cost estimation.
Cost estimation is a methodology used for predicting/forecasting the likely future cost of a product or service based on the information available at the time. The cost of a product is significantly committed at the conceptual design stage. Therefore, predicting the cost of a product at the early design stage and making the design decisions based on the information can give significant cost savings. Increasingly, designers are taking interest in understanding costs of their decisions and use the cost as a design driver. It is now necessary that cost is considered along with performance and schedule during the product development and optimization.
This course is designed to equip participant in the field of costing engineering, estimating, planning scheduling and project management. the course will provide participant with thorough background in the concept of total cost management and cost engineering. the course practical sessions will provide hands on experience on managing cost throughout the life cycle of any enterprise, program, facility, project product or services. learn methodologies and how to prepare proposal, value engineering ideas, claims and budgets.
Cost engineering involves a lot of working together with different departments, setting priorities and making choices. It also needs to follow strict rules and guidelines to ensure the same principles and techniques are used throughout an organization;
- Planning, organizing, delegating
- Decision making
- Teamwork and relationships
- Quality, follow procedures, support change, accuracy
- Leadership, role model, mentoring, training
Estimating skills and knowledge
- Reading of and quantification from engineering document
- Defining of scope
- Usage of breakdown structures
- Obtaining / using cost data and vendor quotes
- Data analysis & benchmarking
- Labor productivity analysis
- Normalization (inflation, metallurgy, location, etc.)
- General factors and ratios
- Equipment factored and capacity factored estimating
Cost control skills and knowledge
- Cost control, budgets and forecasts
- Planning / scheduling
- Progress measurement, earned value
- Change management
Looking at this table, it can be concluded that a broad spectrum of skills are required; from so-called alpha skills (communication, leadership) to beta skills (engineering, accurate accounting). It’s therefore no surprise that being a great cost engineer is largely based on experience. It is also a reason why the cost engineering profession would benefit a lot from proper training, both on-the-job and in a classroom. The least you can do as organization is ensuring a cost engineer isn’t constrained by wrongly implemented processes or unnecessary bureaucracy; after all, they’re invaluable to your organization.
Graduates of a cost-engineering training program can seek various positions in construction and manufacturing industries. Some possible job roles are:
- Business enterprises
- finance managers
- project managers
- all levels from chief executives officers
- site engineers/ supervisors/ managers
- planners and control cost engineers
- quantity surveyors and cost estimators
- claims and internal consultants
- portfolios and assets managers
- project controllers
- system engineers
- value engineers
Where can i get the best cost engineering training in Nigeria?
After reading the benefits and important of cost engineering training, the question is where can you get the best cost engineering training in Nigeria? The answer is simple, JobSkills Training Institute. They are professionally trained to teach cost engineering training and are have been awarded with recognized certificates.
JobSkills training institute has branches for Cost engineering training in Lagos State, Delta state, Rivers state, Edo state, Ogun state and FCT Abuja.
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