A certified cost engineer works in the field of engineering and business management to ensure that the costs of various projects are being analyzed and controlled. This type of engineer is certified by a professional association through a combination of relevant work experience, education, and examinations. Cost engineers are not typical engineers, in the sense that they do not physically manifest products or designs, but rather look at how the time, money, and resources are allocated towards a project. Professional engineering associations develop ethical codes that a certified cost engineer must follow to keep his or her certification in the field.
In order to become a certified cost engineer, it is necessary for an individual to have work experience in the field of engineering, construction, or business management. The precise nature of the experience is not important, as long as the individual has been working in the field for a number of years. Education counts towards the overall amount of work experience that is accumulated, but in many locations, such as the U.S., a specific degree is not necessary. Once the experience level is met, an individual can take an examination to become a certified cost engineer.
Once certified, a cost engineer performs many duties in the workplace. He or she utilizes scientific techniques to facilitate project planning, economic and financial analysis, and project management. This includes such things as ordering materials and supplies, working with vendors, and scheduling construction. In essence, a certified cost engineer performs similar work duties to a project manager. Instead of designing or building physical products, a certified cost engineer helps to design other components of a project including human resources, building materials, and the time spent on the project. Since costs are a huge part of engineering, this is a discipline that focuses directly on costs, which is essential in large engineering projects.
The cost engineer works to maximize profits and minimize loss in a professional and ethical manner. This is often done by project managers, but a cost engineer attempts to bring a higher level of professionalism and scientific analysis to the practice. Doing this can help save organizations money, as well as bring completion to projects on a workable deadline. Training in engineering is helpful, but certified cost engineers also obtain training in construction management, finance, software, and accounting. They work alongside other professionals in the field, and therefore need to have a basic understanding of engineering processes.
