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This 1 hour course will explain the concepts and benefits of cost engineering. Cost engineering is a field of activity that serves the function of cost control within a project. Project cost control is a process that includes the following basic elements:
1. Project planning that results in schedules and cost budgets.
2. Project monitoring that measures performance against the plan and budgets.
3. Project reporting that identifies deviations from the plan and budgets.
4. Corrective action to remedy the deviations to the plan and budgets.
Project cost control is a cyclical process that continues with the updating of the project planning with the proposed corrective actions and subsequent monitoring and reporting to check the results of the corrective action.
The purpose this course is to learn how to properly collect, interpret and present project cost information so that the progress and performance of a job can be reviewed and the steps needed to improve cost performance can be taken.
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