Principles of Cost Engineering: Online

You will develop an understanding and knowledge of cost and the collective responsibility for cost, the ability to describe each stakeholder’s influence and an understanding of the impact of design, systems engineering and whole life cost. A greater understanding of cost engineering is a valuable asset for both the development and financial management of new projects and business overall. Delegates’ performance on the course is measured by Cranfield academic tutors through a number of assignments, on-line discussion with other members of the cohort, and contribution to a group project. Successful completion is recognised by a graded attendance certificate which can be used as a demonstration of CPD and commitment to ongoing learning required for Professional Registration such as IEng and CEng.

Key features:

• Successful completion is certificated by Cranfield University and can be used towards registration with a Professional Engineering Institution such as IMechE, ACostE, IET and RAeS.
• The course is delivered completely online.
• The course is interactive with a tutor available throughout the learning experience.
• Organisations can train their cost engineers on-site without losing valuable time away from work.
• There is a significant level of networking and interaction with other delegates through the examined discussion board and the group project module.
• Practical knowledge is gained and exchanged through several case studies and the group project.
• The course is evaluated by assessing assignments at the end of each section, the group project and through contributions to the online discussion board.

Cost as a Business Driver

• Describing cost in the business context
• Understanding the difference between NRE and UPC cost
• Understanding cost impact of engineering decisions.

Understanding Cost

• Building a detailed cost estimate step-by-step
• Identifying NRE and UPC cost drivers
• Undertaking parametric cost estimates, describing differences with a detailed cost estimate
• Using commercial cost estimating tools.

Target Costing and Cost Reduction

• Understanding Target Costing and Cost Reduction
• Understanding challenges in Target Costing including worked examples
• Understanding and use of cost reduction techniques.

Costs of Supply

• Understanding the costs of logistics.

Whole Life Cost and Systems Engineering

• Understanding the systems engineering perspective to Life Cycle Cost
• Understanding whole life cost prediction
• Understanding the cost of Commercial Off The Shelf (COTS).

Risk and Uncertainty

• Defining risk and uncertainty
• Types of risk and uncertainty
• Managing risk and uncertainty
• Modelling the impact of risk and uncertainty on cost.

Obsolescence Cost

• Introduction to Obsolescence and why it is important
• Factors that affect obsolescence resolution cost
• Describe different steps involved in the cost estimation process.