Vakgebied Cost Engineering

Er zijn verschillende definities van het vakgebied Cost Engineering. DACE sluit aan bij de definitie van de International Cost Engineering Council (ICEC), die het beschrijft in termen van functie en activiteiten.

Functions:

To provide independent, objective, accurate, and reliable capital and operating cost assessments usable for investment funding and project control; and
To analyze investment and development for the guidance of owners, financiers and contractors.

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Cost Engineers (or Engineering) and Quantity Surveyors (or Surveying) include:

Estimates of capital or asset costs including development costs;
Estimates of operating and manufacturing costs through an asset's life cycle;
Risk assessment and analysis;
Trending of scope and cost changes;
Decision analysis;
Financial analysis (eg, net present value, rate of return, etc);
Project cost control;
Appraisals of existing assets;
Project analyses, databases, and benchmarking;
Planning and scheduling;
Siting studies, etc.;
Productive and investment needs assessment;
Facility management needs assessment;
Project feasibility and budget assessment;
Cost management;
Procurement management;
Contract administration;
Whole-life appraisals;
Quality audits;
Value management; and
Dispute resolution.

De Special Interest Groups CEPI, GWW en CEMM richten zich specifiek op de Cost Engineer die werkzaam is in respectievelijk de branches: Proces Industrie, Grond-, Weg- en Waterbouw en de Machinebouw en Maakindustrie.