COST ENGINEERING INTRODUCTION - EDS512

Estimating = Predicting the costs associated with a project Cost control = Monitoring and managing project expenses Investment appraisal = Assessing the financial viability of a project Risk analysis = Identifying and evaluating potential project risks

Evaluation phase = Role of cost engineer during contractor selection Basic design phase = Role of cost engineer during detailed engineering design Construction phase = Role of cost engineer during construction activities Detailed engineering design phase = Role of cost engineer in basic cost estimating

Cost forecasting = Predicting future project expenses based on historical data Budgeting = Planning and allocating financial resources for a project Monitoring investment projects = Tracking and supervising the progress and costs of projects Refinement of estimates = Improving the accuracy of cost projections as the project progresses

<p>Delivering early awareness of costs associated with engineering decisions and risks = Supporting the refinement of estimates as the technical baseline gets more consolidated Engineering function as distinct from Design engineering function = Involving activities such as estimating, cost control, and risk analysis Supporting skills and knowledge = Devoted to the management of project costs, investment appraisal, and risk analysis Engineering principles and techniques responsible for creating functional things or strategic assets = The application of scientific principles and techniques in cost and schedule management</p> Signup and view all the answers

<p>Canon of ethics for cost engineers = Principles and standards of professional conduct in cost engineering Basic capital cost estimating = Estimating the initial investment required for a project Basic operating cost estimating = Predicting the ongoing expenses for running a project Cost engineering terminology = Specialized language and terms used in the field of cost engineering</p> Signup and view all the answers

<p>Develop enough confidence to practice in the industry = Course Learning Outcome i Understanding cost and schedule management as an engineering function = Course Learning Outcome ii Acquiring knowledge of basic capital cost estimating = Course Learning Outcome iii Learning about the role of cost engineer during construction = Course Learning Outcome iv</p> Signup and view all the answers

<p>Engr. Prof. Anthony N.Ede = Dept of Civil Engineering Engr. Dr. Gideon O. Bamigboye = Dept of Electrical Engineering Engr. Dr. Oluwaseun. G. Mark = Dept of Mechanical Engineering Engr. Ezenkwa Chidiebere = Dept of Chemical Engineering</p> Signup and view all the answers

<p>Role of cost engineer during evaluation phase = Phase i Role of cost engineer in contractor selection = Phase ii Role of cost engineer during detailed engineering design phase = Phase iii Role of cost engineer during basic design phase = Phase iv</p> Signup and view all the answers

<p>Basic capital cost estimating = Concept i Basic operating cost estimating = Concept ii Basic project planning and scheduling = Concept iii Cost engineering terminology = Concept iv</p> Signup and view all the answers

<p>Understanding cost and schedule management as an engineering function = Relevance i Acquiring knowledge of basic capital cost estimating = Relevance ii Learning about basic project planning and scheduling = Relevance iii Acquiring knowledge of cost engineering standards = Relevance iv</p> Signup and view all the answers