Cost engineers prepare cost estimates for corporate operating processes, such as product manufacturing, also for major or extensive infrastructure initiatives for example, construction projects. They sure that cost related to operation remain within budgetary limits.
A cost engineer takes in the development and execution of the project plan; performs quality assurance on cost control procedures; and monitors costs and collects cost data to ensure conformity with top management’s budget directives. Interaction with computers ,communication with the superiors, peers and subordinates; and discusses cost information with project contractors. This position is responsible for control of capital and expense budget expenditures for the assigned Fas Tracks corridor capital construction project. Processing and monitoring expenses , reports on project status , annual capital and preparation of expense corridor budget , cost trending analysis and change order tracking. identify and position any budgetary or financial issues related to the project and recommends corrective actions.
A cost engineer must have mathematical awareness, good communication skills and financial expertise when performing tasks, according to the career data portal on net online. She often uses personal digital supporter, analytical software and project management applications, some examples are Galorath SEER and Microsoft Project.
The required education and experience for a cost control engineer varies for each industry. There are no formal or prescribed degree programs for cost engineering, it is sometimes based upon in curricula for engineering or civil engineering degrees. Many online educational programs on internet are devoted to the principals of cost engineering.Classes and seminars in this field are sometimes offered by Professional organizations.
Some cost engineers begin their careers in construction trades. They emphasize on math and statistics courses and apply their experience and education to qualify for a job as a cost engineer. Voluntary certification can be pursued and obtained from various cost engineering professional organizations. Depending on the size of the company organisations employ more than one cost engineer, opportunities to work as an intern with one of them , either paid or unpaid, can provide invaluable experience to those aspiring to the position.
- A cost engineer determines how much investment in money , resources, and time a project will require prior to its launch. The job has nothing related to do with traditional engineering positions where tangible objects and tools are designed and created. A cost control engineer uses the engineering principles and judgment to project, assess or evaluate , and control overall costs and plan, schedule, and manage projects in efficient manner.
- Before companies, individuals or investor groups begin a project, it is important to discuss the budget and budget projections , a meeting is usually held with a cost engineer. The cost engineer is given the projected costs for labour, materials, and related expenses. After reviewing and assessing the numbers, cost engineer confers with the principals on the budget details. The project is then put out open to bidding.
- The duties of a cost engineer vary from project to project; some projects are immediately ready to go out for bidding, while others may need major retooling to meet budget requirements. accurately analyzing the estimates for labour and materials for each project phase and recommend solutions for problem areas that are over budget is a part of the job of a cost engineer. This often involves meetings with the project managers, subcontractors, and investors or share holders.
- counsel the cost management teams on regular basis on cost reporting and forecasting, and also importantly monitors their projections for accuracy in output.
Most Cost Engineers perform or function their work indoors, in formal office settings. They work in multi-disciplinary, fast-paced, dynamic & growing environments. Involves little business travel.
- Be fluent in the knowledge you poses.
- Be proactive in completing the job at hand.
- Don’t be hesitant to disapprove any applicant.
- Love your job, be proud of what you are doing and believe in yourself.