Project cost control involves estimating your projected budget, monitoring any of your projects’ expenses, and planning for unforeseen costs that may arise from risks in engineering and construction. As a result, cost control is also one of the most critical performance indicators for your projects.
Cost engineering is the engineering practice devoted to the management of project cost, involving such activities as estimating, cost control, cost forecasting, investment appraisal and risk analysis. Cost Engineers budget, plan and monitor investment projects. They seek the optimum balance between cost, quality and time requirements.