Cost Engineer

The professional estimator.

Purpose

Cost engineers play a critical role in project management by providing accurate cost estimates for construction and engineering projects. Their expertise helps ensure that projects are completed within budget, and financial risks are managed effectively.

Examples of Use

1. A cost engineer estimating the total cost of a new highway construction project, including materials, labor, and equipment.
2. Consulting a cost engineer during the planning phase of a commercial building to develop a realistic budget and identify potential cost-saving measures.

Related Terms

• Quantity Surveyor: A professional who specializes in estimating the cost of construction projects and managing contracts.
• Project Manager: An individual responsible for planning, executing, and closing projects, ensuring they are completed on time and within budget.
• Budgeting: The process of creating a plan to spend money, outlining the costs and resources needed for a project.

Notes

Cost engineers use various tools and software to create detailed and accurate cost estimates. Their work is essential for financial planning and project feasibility assessments.