Cost Engineering provides independent, objective,
accurate, and reliable capital and operating cost
assessments usable for investment funding and project
control decisions.
Cost Engineering can be divided into three major components:
Cost Estimating:
A technical document that defines a value or a range of
values of the most probable cost of a project based on
Present
scope of work To
be completed at a defined location Point
of time in the future
Cost Control: Analysis
of trends, helps with
management decisions Developing
and recommending corrective action Implementing
responsive cost feedback systems
Cost Methodology:
An effective cost methodology consists of a standard set
of cost estimating practices, resources and tools applied
consistently to all cost estimates. It helps:
Establishing
estimating methods and cost data base Development
of cost controls tools and techniques Measurement
of cost levels and trends
Present
scope of work 
