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Engineering consulting is the practice of performing engineering as a consulting engineer.It assists individuals, public and private companies with process management, idea organization, product design, fabrication, maintenance, repair and operations (MRO), servicing, tech advice, tech specifications, tech estimating, costing, budgeting, valuation, branding, and marketing.
Non-recurring engineering (NRE) cost refers to the one-time cost to research, design, develop and test a new product or product enhancement. [1] When budgeting for a new product, NRE must be considered to analyze if a new product will be profitable. Even though a company will pay for NRE on a project only once, NRE costs can be prohibitively ...
A consulting firm or simply consultancy is a professional service firm that provides expertise and specialised labour for a fee, through the use of consultants. Consulting firms may have one employee or thousands; they may consult in a broad range of domains, for example, management , engineering , and so on.
Cost-plus-incentive fee (CPIF) contracts have a larger fee awarded for contracts which meet or exceed certain performance goals, for example being on schedule and any cost savings. [1] Cost-plus-award fee (CPAF) contracts pay a fee based upon the contractor's product. An aircraft development contract, for example, may pay award fees if the ...
A guaranteed maximum price (also known as GMP, not-to-exceed price, NTE, or NTX) contract is a cost-type contract (also known as an open-book contract) such that the contractor is compensated for actual costs incurred plus a fixed fee, which is limited to a maximum price. The contractor is responsible for cost overruns greater than the ...
Engineering, procurement, and construction (EPC) contracts (a type of turnkey contract) are a form of contract used to undertake construction works by the private sector on large-scale and complex infrastructure projects. [1]
Front-End Engineering (FEE), or Front-End Engineering Design (FEED), is an engineering design approach used to control project expenses and thoroughly plan a project before a fix bid quote is submitted. [1] It may also be referred to as Pre-project planning (PPP), front-end loading (FEL), feasibility analysis, or early project planning.
Consulting-Specifying Engineer (ISSN 0892-5046) is a trade publication and website owned by CFE Media, serving the information needs of engineering personnel who perform various consulting engineering activities.
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