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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]
In cost engineering, cost estimation is a basic activity. A cost engineering reference book has chapters on capital investment cost estimation and operating cost estimation. The fixed capital investment provides the physical facilities. The working capital investment is a revolving fund to keep the facilities operating. [4]
The role of the project engineer can often be described as that of a liaison between the project manager and the technical disciplines involved in a project. The distribution of "liaising" and performing tasks within the technical disciplines can vary wildly from project to project; this often depends on the type of product, its maturity, and ...
Cost accounting has long been used to help managers understand the costs of running a business. Modern cost accounting originated during the Industrial Revolution when the complexities of running large scale businesses led to the development of systems for recording and tracking costs to help business owners and managers make decisions. Various ...
Traditional standard costing (TSC), used in cost accounting, dates back to the 1920s and is a central method in management accounting practiced today because it is used for financial statement reporting for the valuation of income statement and balance sheet line items such as cost of goods sold (COGS) and inventory
In the construction industry, a quantity surveyor (QS) is a professional with expert knowledge of construction costs and contracting.Qualified professional quantity surveyors can be known as Chartered Surveyors (Members and Fellows of RICS) in the UK and Certified Quantity Surveyors (a designation of the Australian Institute of Quantity Surveyors) in Australia and other countries.
Activity-based costing (ABC) is a costing method that identifies activities in an organization and assigns the cost of each activity to all products and services according to the actual consumption by each. Therefore, this model assigns more indirect costs into direct costs compared to conventional costing.
This role usually sits within the company's financial management area in general; sometimes, specifically, in "FP&A" (Financial planning and analysis). Cost analysts require a strong background in cost accounting methods, and typically hold a business degree majoring in accountancy, or sometimes, the more focused Bachelor of Accountancy.
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