Cost Engineering Introduction

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Introduction of Cost Engineering
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Cost Engineering

• A business can get an overall cost
• management solution by using cost
• engineering techniques. Starting from
• planning and scheduling to estimating costs
• and encouraging the development of
• affordable products and technologies, cost
• engineering knowledge can help
• businesses manage all these and more.

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• With cost engineering, businesses can
• manage not only their costs, but also impart
• affordability to their offerings, and enjoy a
• competitive edge in the market by boosting
• productivity and making better, informed
• decisions with respect to project execution.

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• There are many cost engineering software
• available in the market these days that are
• as easy as excel and can let businesses
• Make educated guess, request bids, evaluate and
  keep track of resources and costs
• Use past data and industry sources to generate
  conceptual estimates
• Handle real-time detail estimating of material
  take offs (MTOs) derived from engineering
  systems, and
• Capture cost estimate correlation in
  sophisticated cost models

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• Cost engineering offers solutions for a wide
• range of industries, like Power, Oil Gas,
• Chemical, Offshore, etc. With the help of
  relevant
• cost engineering software, one can prepare and
• validate cost estimates for various phases of
  project,
• right from feasibility to construction. Such
  software
• can also help in cost management, value
• engineering, planning, risk analysis and
• contracting, thus helping businesses have a firm
• grip on their projects and budgets so that they
  can
• make sure of the timely completion of their
  projects.

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