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Certified Cost Engineering

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Certified Cost Engineering

Learn or review the basic knowledge for cost engineers and project controls professionals. Fundamental Skills and Knowledge of Cost Engineering by correspondence is a self-paced, structured method to learn the skills required to be successful.

Do I Want to Be a Cost Estimator?

Cost engineers, also called cost estimators, gather and evaluate data in order to determine the resources needed to create products and to finish projects in the most efficient and profitable ways possible. These resources include time, money, labor, services and equipment. Many cost engineers work in industries related to manufacturing, construction, specialty trade contracting services, civil engineering and repair/maintenance.

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Certified Cost Engineering

Learn or review the basic knowledge for cost engineers and project controls professionals. Fundamental Skills and Knowledge of Cost Engineering by correspondence is a self-paced, structured method to learn the skills required to be successful.

Do I Want to Be a Cost Estimator?

Cost engineers, also called cost estimators, gather and evaluate data in order to determine the resources needed to create products and to finish projects in the most efficient and profitable ways possible. These resources include time, money, labor, services and equipment. Many cost engineers work in industries related to manufacturing, construction, specialty trade contracting services, civil engineering and repair/maintenance.

 

Part 1: Basic Engineering Economics

  • Includes coverage of present value, future value and annual payment calculations and equivalencies. Application of basic time value formulas and approaches are covered. Cash flow diagrams.

Part 2: Applied Engineering Economics

  • Decision making using engineering economics fundamentals including rate of return, cost benefit analysis and minimum attractive rate of return. Includes treatment of depreciation and taxes in analysis.

Part 3: Contracting Fundamentals for Cost Engineers

  • Includes forms of contracts and their application and advantages and disadvantages. Risk and terminology related to typical contract provisions are included.

Part 4: Conceptual Cost Engineering

  • Approaches to conceptual engineering including parametric estimating, factored estimates, scale of operation and panel methods. Includes development and use of time, size and location indices.

Part 5: Detailed Cost Estimating

  • General estimating terminology and steps to prepare a detailed estimate. Includes unit price estimates and lump sum estimates. Development of composite crew rates.

Part 6: Statistics and Probability for Cost Engineers

  • Terminology related to basic statistics including central tendency and variance. Application to cost engineering situations.

Part 7: Forecasting Applications for Cost Engineering

  • Includes least squares method of forecasting and application of the learning curve.

Part 8: Operating and Manufacturing Cost Engineering

  • Development of screening estimates and detailed operation estimates for manufacturing operations and processes. Application of operations cost graphs and techniques for profitability analysis.

Part 9: Basic Business and Finance for Cost Engineering

  • Types of accounting and terminology. Basics of balance sheets and income statements along with analysis using ratios.

Part 10: Project Management Basics

  • Basic principles of human behavior applied to management situations. Leadership and management terminology are covered.

Part 11: Constructability and Value Engineering

  • Basics of the constructability review process and objectives. Includes basic definitions of value and the value engineering process.

Part 12: Planning and Scheduling

  • Differences between planning and scheduling, basic planning approaches. Fundamental terminology and process for CPM scheduling and diagramming is included. Determination of types of float and their application are also explained.

Part 13: Project Control Basics

  • Methods of measurement of progress and determination of earned value. Includes forecasting with earned value approaches. Schedule and cost variance and cost performance are also covered.

Part 14: Productivity and Quality Improvement

  • Basic terminology and concepts related to Total Quality Management. Includes quality circle approach and use of productivity improvement approaches and methods for process improvement.

Part 15: Computer Basics for the Cost Engineer Course Review

  • Basic computer terminology and the functions of common hardware and software used by cost engineers.

Learning Outcome

  • Improve or review your knowledge of cost engineering subjects through a structured study guide, study questions and exercises.
  • Practice solving cost engineering problems of varying complexity and difficulty similar to those encountered in the practice of cost engineering.
  • Receive feedback and additional practice problems when warranted.
Common Requirements
Degree Level Bachelor’s degree*
Degree Field An industry-related major, such as industrial engineering or mechanical engineering*
Certification Professional certification is voluntary, though some employers only hire certified cost engineers**
Experience At least 2-5 years of experience*
Key Skills Organizational and time-management abilities, analytical and critical-thinking skills, a strong technical mindset and sharp attention to detail**
Computer Skills Estimating software, Microsoft Excel and request-for-proposal software*
Technical Skills Expertise in industry-specific engineering processes, equipment and raw materials, as well as the ability to read blueprints**
Additional Requirements Ability to work under stress and strict deadlines, travel frequently and work long hours**

 

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