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Cost Engineering

Cost engineering

the engineering practice devoted to the management of project cost, involving such activities as estimating, cost control, cost forecasting, investment appraisal and risk analysis. Cost Engineers budget, plan and monitor investment projects. They seek the optimum balance between cost, quality and time requirements.

Skills and knowledge of cost engineers are similar to those of quantity surveyors. In many industries, cost engineering is synonymous with project controls.

A cost engineer is "an engineer whose judgment and experience are utilized in the application of scientific principles and techniques to problems of estimation; cost control; business planning and management science; profitability analysis; project management; and planning and scheduling.

One key objective of cost engineering is to arrive at accurate cost estimates and schedules and to avoid cost overruns and schedule slips. Cost engineering goes beyond preparing cost estimates and schedules by helping manage resources and supporting assessment and decision making. The discipline of ‘cost engineering’ can be considered to encompass a wide range of cost-related aspects of engineering and programme management, but in particular cost estimating, cost analysis/cost assessment, design-to-cost, schedule analysis/planning and risk assessment. The broad array of cost engineering topics represent the intersection of the fields of project management, business management, and engineering. Most people have a limited view of what engineering encompasses. The most obvious perception is that engineering addresses technical issues such as the physical design of a structure or system. However, beyond the physical manifestation of a design of a structure or system (for example, a building), there are other dimensions to consider such as the money, time, and other resources that were invested in the creation of the building. Cost engineers refer to these investments collectively as "costs".

HISTORY

Cost engineering is a field of engineering practice that began in the 1950s (AACE International was founded in 1956). The skills and knowledge areas of cost engineers are similar to those of quantity surveyors. AACE International is one of many international engineering organizations representing practitioners in these fields. The International Cost Engineering Congress (ICEC) was founded in 1976 as a Worldwide Confederation of Cost Engineering, Quantity Surveying and Project Management Societies.

In 2006, AACE published the Total Cost Management (TCM) Framework which outlines an integrated process for applying the skills and knowledge of cost engineering (see References). This has also been called the world's first process for portfolio, program and project management.

Roles & Responsibilities of Quantity Surveyor

A Quantity Surveyor (QS) is a construction industry professional with expert knowledge on construction costs and contracts does the following jobs

·         Cost consulting, cost estimating

·         Cost planning and commercial management throughout the entire life cycle of the project from     inception to post-completion

·         Value determination

·         Risk management and calculation

·         Procurement advice and assistance during the tendering procedures

·         Tender analysis and agreement of the contract sum

·         Preparation of pricing documents (e.g. Bills of Quantities) in tender

·         Drafting contract conditions and contractual correspondence

·         Commercial management and contract administration

·         Contractual advice

·         Assistance in dispute resolution

·         Asset capitalisation

·         Interim valuations and payment assessment

·         Cost management process

·         Assessing the additional costs of design variations

·         Production of company pre-qualification questionnaire (PQQ) documentation in line with company   policies

·         Project management

·         Assist in establishing a client's requirements

Roles & Responsibilites

1.   Cost estimating

2.   Cost planning

3.   Cost studies

4.   Cost monitoring and controlling

5.   Measurement

6.   Contracts negotiation

7.   Drafting contract conditions

8.   Procurement advice including tendering strategy

9.   Preparing Bill of Quantities (BOQ) and Tender Document

10. Contract practice

11. Valuation of construction work including variations

12. Assessment of contractor’s claims

13. Contractual advice

14. Dispute resolution

15. Preparing feasibility studies

16. Advice on cost limits and budgets

17. Whole life cycle costing

18. Valuation for insurance purposes

19. Project management

20. Advice on contractual disputes

21. Preparation of final account

22. Preparation of final detailed BOQ

IS-1200 =Methods of measurement of building and civil engineering works,

• IS-1200 PART-1 - EARTHWORKS
• IS-1200 PART-2 - CONCRETE WORKS
• IS-1200 PART-3 - BRICK WORK
• IS-1200 PART-4 -STONE MASONRY
• IS-1200 PART-5 - FORMWORK
• IS-1200 PART-6 REFRACTORY WORKS
• IS-1200 PART-7 - HARDWARE
• IS-1200 PART-8 - STEEL & IRON WORKS
• IS-1200 PART-9 - ROOF COVERING WORKS
• IS-1200 PART-10 - CEILING & LINING WORKS
• IS-1200 PART-11 -  FLOORING & DADO WORKS
• IS-1200 PART-12 -  PLASTERING & POINTING WORKS
• IS 1200 (Part 13) : 1994 - WHITE WASHING, COLOUR WASHING, DISTEMPERING AND PAINTING OF BUILDING SURFACES
• IS1200 PART-14 - GLAZING WORKS
• IS1200 PART-15 - PAINTING & POLISHING
• IS1200 PART-16 - WATER & SEWER LINES
• IS1200 PART-17 -  road work including air field pavements
• IS1200 PART-18 -  demolition and dismantling
• IS1200 PART-19 -  Water Supply, Plumbing and Drains
• IS1200 PART-20 -  laying of gas and oil pipelines
• IS1200 PART-21 -  wood-work and joinery
• IS1200 PART-22 -  materials
• IS1200 PART-23 -  piling
• IS1200 PART-24 -  well foundations
• Steel Tables

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Indian National Building Code

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