“Cost Engineering is the application of scientific principles and techniques to problems of estimation; cost control; business planning and management science; profitability analysis; project management; and planning and scheduling.”

[Association for the Advancement of Cost Engineering: AACE].

The Cost Engineering short course has been running at Cranfield University since 2005. Cranfield University has over 15 years of experience in delivering this short course online and attracted more than 300 students across different industrial sectors.

With the rapid shift of manufacturing and industry towards digitalisation, the conventional approaches to cost estimation and forecasting are no longer suitable. Therefore, this innovative course is designed to integrate digitalisation and advanced data science techniques in cost engineering.

This short course aims to develop core competencies that you can learn and apply as a cost engineer or project cost manager in your workplace. You will also explore digitalisation techniques and advanced data analytics methods to analyse, predict and validate cost estimates for application in manufacturing and operation. In this short course, you will learn about a wide range of advanced digital technologies, such as Stochastic simulation techniques, Digital twins, Digital threads, Artificial Intelligence, and Data ontologies in the context of cost engineering, including but not limited to cost estimation, cost control, cost data analysis, risk and uncertainty assessment, and cost management. This short course is designed for the ‘Estimator’ level, who have only some general knowledge about cost estimation. You can find more information in the ‘Course details’ section below.

At a glance

  • Dates
    • Please enquire for course dates
  • Duration5 Days
  • LocationOnline
  • Cost£1400

Course structure

The short course will be delivered online with several pre-recorded and live online sessions on the Virtual Learning Environment using the CANVAS platform. The short course includes pre-works, post-works and a series of group and individual activities to solve several case studies, real-world examples, and exercises in cost engineering. The tutors for each session provide narrated power-point presentations, recordings in the format of audio/video, lecture materials, additional resources, and references. The short course is designed in a way to enhance accessibility for students on the online platform. The short course is designed under a problem-based learning approach.

What you will learn

  1. Appraise the benefits that can be gathered through cost engineering (e.g. cost reduction, sustainability growth, optimised performance). 
  2. Assess the role of data in cost engineering using appropriate data science methods and techniques such as ontologies and natural language processing. 
  3. Justify the next generation of modelling and simulation (e.g. machine learning) in the context of developing robust cost estimates.
  4. Evaluate risk and uncertainty in cost estimates using emerging dynamic modelling and simulation approaches such as agent-based modelling and machine learning. 
  5. Assess the potential of continuous improvement in value creation and in achieving targets in projects/programmes through cost engineering.

Core content

  • Innovative competencies for practising cost management who aspire to higher positions.
  • Advanced modelling, simulation and data analytics for cost engineering practitioners.
  • Flexible curriculum to suit your professional interests in cost engineering.
  • Digitalisation technologies and techniques for automating/ semi-automating cost engineering.

Timetable

Day 1 

  • Introduction to the short course.
  • Introduction to the cost engineering principles.
  • Introduction to digitalisation in cost engineering.
  • Cost estimation methods and processes.
  • Case study design

Day 2 

  • Cost drivers and Cost elements.
  • Lifecycle costing and Lifecycle assessment.
  • Whole lifecycle costing.
  • Activity-based costing (ABC).
  • Net present value and Cash flow analysis.
  • Group activity: cost model development, ABC and NPV.

Day 3 

  • Estimating with a supply chain: Asset-based approach.
  • Cost and Carbon: A trade-off analysis.
  • Project control: Cost verification and reporting.
  • Group Activity: Social/Cost of Carbon.

 Day 4

  • Data Integration and Analysis: Cost Ontology.
  • Real-Time Monitoring and Reporting: Digital Twin.
  • Group Activity: Cost ontology and digital twin model architecture.

Day 5 

  • Risk Analysis and Optimization: Uncertainty modelling.
  • Risk Analysis and Optimization: Sensitivity Analysis.
  • Digital cost engineering solution development and presentation.

Who should attend

This course is suitable for manufacturing and service industry professionals, including aerospace, defence, automotive, oil and gas, submarine, healthcare, energy, and manufacturing, who work with or are responsible for, cost engineering and project cost management.

Academic requirement

You should have relevant certificates or degrees in either engineering, manufacturing, finance, data science, or management.

(OR) Work experience requirement

You should have a minimum of two years of experience in a managerial, technical, or professional role relevant to cost engineering and cost management.

Language requirement

Your spoken and written English must be of an adequate standard for postgraduate study.

Speakers

Dr Maryam Farsi

How to apply

To apply for this course please use the online application form.

Read our Professional development (CPD) booking conditions.