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A cost estimate is often used to establish a budget as the cost constraint for a project or operation. In project management, project cost management is a major functional division. Cost estimating is one of three activities performed in project cost management. [3] In cost engineering, cost estimation is a basic activity. A cost engineering ...
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Plumbing systems also service air distribution/control, and therefore contribute to the mechanical part of MEP. Plumbing for HVAC systems involves the transfer of coolant, pressurized air, water, and occasionally other substances. Ducting for air transfer may also be consider plumbing, but is generally installed by different tradespeople. [11]
Cost engineering is "the engineering practice devoted to the management of project cost, involving such activities as estimating, cost control, cost forecasting, investment appraisal and risk analysis". [1] "Cost Engineers budget, plan and monitor investment projects. They seek the optimum balance between cost, quality and time requirements." [2]
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