Cost Engineering

Cost Engineering is the field of practice as covered by AACE International’s Recommended Practice 11R-88; “Required Skills and Knowledge of Cost Engineering”. The Total Cost Management (TCM) Framework defines how the professions skills and knowledge work together in an integrated process. While AACE’s members are often specialized in their fields of practice (e.g., estimating, planning and scheduling, etc), AACE was founded on the concept of Cost Engineering as a multi-skilled profession in its own right. The Cost Engineering Subcommittee will work to advance the technology of Cost Engineering as an integrated profession. Specifically, the subcommittee will focus on advancing “integrative” technical products such as 11R-88 and the TCM Framework. The subcommittee will also technically support certification efforts (i.e., the CCP) and educational efforts to advance cost engineering as a recognized profession. The subcommittee’s success will ultimately be measured by the extent that owner and contractor companies value and seek the services of total cost management professional so that the companies can achieve more profitable asset investments and successful portfolios, programs and projects.

An important function of a subcommittee is the development of AACE recommended practices (RPs). These are peer-reviewed documents (usually < 10 pages) that define the specifics of particular methods or procedures, often derived from past papers and articles. Click here to learn more about the RP Development Guidelines and Process.