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What is Cost Engineering?

Cost engineering is the engineering practice devoted to the management of project cost. Cost engineering consulting involves estimating, cost control, cost forecasting, investment appraisal, and risk analysis.

This is value cost engineers bring to each construction project. Cost engineers do the budgeting, planning, and monitoring to ensure that your construction project is viable and successful.

It’s a fine line between managing the cost, quality, and time required to see your project come to life.

A skilled cost engineer has the experience to anticipate problems and challenges before they result in cost overruns and scheduling slow-downs.

While I don’t want to dwell on the negative, I do want you to understand why construction projects fail. Contact us to learn about the PCS approach and how we make your construction project personal.

Why Construction Projects Fail

Construction projects fail because of communication break-downs and the inability to address underlying issues.

These core reasons for failure can be traced to some key factors in the management of the construction project:

  • Poor Estimating

  • Scope Creep

  • Delays

  • Confusing Specifications

  • Budgetary Problems

  • Communication Failures

  • Inadequate Planning

Now that you understand why so many construction projects fail – you’re able to ask the PCS team the hard questions about scheduling, costs, permits, planning, risk, and benefit analysis.

What is Cost Engineering?

Cost engineering is critical to the success of your construction project.

Cost engineering is the application of scientific principles and techniques to problems of estimation; cost control; business planning and management science; profitability analysis; project management; and planning and scheduling.

So, what does this mean for you and the success of your construction project?

It means that cost engineering consulting is crucial to avoiding the key reasons for construction project failure and ensuring the success of your project.

You can expect your cost engineer to be guided by 3 core principles, ensuring that your project is successful:

  • Areas for Improvement

  • Assessment and Measurement

  • Cost Control

What Does a Cost Engineer Do for Your Construction Project?

A cost engineer ensures that your construction project can and will be a success.

For us at PCS, this means we are connected with you and your project from start-to-finish. Our commitment to professional construction standards means that our team:

  • Assists with feasibility studies.

  • Studies architect and engineer plans.

  • Identifies costs and sets an overall budget.

  • Creates project benchmarks.

  • Plans costs to help the team stay on-track.

  • Communicates with you through-out the project.

  • Reviews and assesses project timelines.

  • Resolves scope creep and any other project slow-downs.

  • Assessing the project upon completion for areas of improvement.

Know that your cost engineer is the person who keeps all the pieces of your project working and fitting together. Rely on your cost engineer to do the planning, scheduling, management, and review of your construction project from start-to-finish.

I urge you read more about PCS and our approach to project construction. For us, at PCS, Construction Is Personal™ – we are invested in your project success.

The entire PCS team is tired of reading and hearing about debilitating cost overruns that have resulted in critical failures.  Get the confidence you need with our proven approach to  make informed decisions regarding your construction project.

About the author

Lee Thomas, MBA is the chairman and CEO of Project Cost Solutions. Lee has over 20 years of hands-on operational process experience under his belt. He is deeply committed to seeing your construction project succeed.

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