What is a cost engineer? What is the role of a cost engineer in a project?

The engineering practice that involves project cost management analysis, like estimation, cost control, cost forecasting, investment appraisal, and risk analysis, is called cost engineering. The professional who looks after all these is referred to as a cost engineer. Professionals who want to appear for a CCP (Certified Cost Professional) can opt for AACE professional certification program. Professionals working as contract management specialists, cost analysts, cost engineers, cost estimators, etc., can also go for this program. The certification program also develops skills and knowledge in cost engineering and helps you grab better employment opportunities.

Project failure and the need for a cost engineer

Though there can be hundreds of reasons why a project fails, the following are the key management factors behind project failure.

-        Inaccurate estimation

-        Failure to understand the project scope; what needs to be built, what isn’t going to be built, and why

-        Delays in approvals, paperwork, and regulation

-        Budgetary failure

-        Inadequate planning 

The certification programs on cost management allow you to understand the underlying project management procedures and minimize the risk of project failure.

What is the role of a cost engineer in a project?

Once you qualify for any of the accredited cost engineering certification programs, your role as a cost engineer will include the following:

●       Assisting with feasibility studies

●       Identifying costs and setting an overall budget

●       Studying architectural and engineering plans

●       Creating project benchmarks

●       Planning costs to help the team stay the on-track

●       Reviewing and assessing project timelines

●       Resolving scope creep and any other project slowdowns

●       Assessing the project upon completion for areas of improvement

If you are looking to upgrade your resume with an AACE professional certification program, BMTC is your

ideal partner. Being one of the best institutes for CMA ACCA Training in Qatar, our experienced mentors will help you develop a strong foundation in the subject to excel in your career.

Ref

https://www.lntipm.org/programmes/programmes/role-based-programmes/cost-engineering/

https://projectcostsolutions.com/what-is-cost-engineering/