Cost is everybody’s responsibility. Cost awareness is essential for a wide range of personnel in an organisation, its partners and supply chain.

At a glance

  • Dates
    • Please enquire for course dates
  • Duration12-17 weeks
  • LocationOnline
  • Cost£1,400 Concessions available

Course structure

The course is delivered through Blackboard, an online learning system, in the form of narrated power-point presentation including video and other reference material. The narration is available in written form for those without audio access. The tutor assigned to this course regulates the flow of the work to ensure the cohort of delegates learn together and complete assignments in a timely fashion. The course lasts approximately 12-17 weeks at five hours per week, therefore minimal disruption to work and family commitments.

What you will learn

You will develop an understanding and knowledge of cost and the collective responsibility for cost, the ability to describe each stakeholder’s influence and an understanding of the impact of design, systems engineering and whole life cost. A greater understanding of cost engineering is a valuable asset for both the development and financial management of new projects and business overall. Delegates’ performance on the course is measured by Cranfield academic tutors through a number of assignments, on-line discussion with other members of the cohort, and contribution to a group project. Successful completion is recognised by a graded attendance certificate which can be used as a demonstration of CPD and commitment to ongoing learning required for Professional Registration such as IEng and CEng.

Key features:

  • Successful completion is certificated by Cranfield University and can be used towards registration with a Professional Engineering Institution such as IMechE, ACostE, IET and RAeS.
  • The course is delivered completely online.
  • The course is interactive with a tutor available throughout the learning experience.
  • Organisations can train their cost engineers on-site without losing valuable time away from work.
  • There is a significant level of networking and interaction with other delegates through the examined discussion board and the group project module.
  • Practical knowledge is gained and exchanged through several case studies and the group project.
  • The course is evaluated by assessing assignments at the end of each section, the group project and through contributions to the online discussion board.

Core content

Cost as a Business Driver

  • Describing cost in the business context
  • Understanding the difference between NRE and UPC cost
  • Understanding cost impact of engineering decisions.

Understanding Cost

  • Building a detailed cost estimate step-by-step
  • Identifying NRE and UPC cost drivers
  • Undertaking parametric cost estimates, describing differences with a detailed cost estimate
  • Using commercial cost estimating tools.

Target Costing and Cost Reduction

  • Understanding Target Costing and Cost Reduction
  • Understanding challenges in Target Costing including worked examples
  • Understanding and use of cost reduction techniques.

Costs of Supply

  • Understanding the costs of logistics.

Whole Life Cost and Systems Engineering

  • Understanding the systems engineering perspective to Life Cycle Cost
  • Understanding whole life cost prediction
  • Understanding the cost of Commercial Off The Shelf (COTS).

Risk and Uncertainty

  • Defining risk and uncertainty
  • Types of risk and uncertainty
  • Managing risk and uncertainty
  • Modelling the impact of risk and uncertainty on cost.

Obsolescence Cost

  • Introduction to Obsolescence and why it is important
  • Factors that affect obsolescence resolution cost
  • Describe different steps involved in the cost estimation process.

Timetable

A typical timetable for this course is available to give you an idea of how this course is structured. Please note that this is not the actual timetable for the upcoming course and is subject to change.

Download the Principles for Cost Engineering course timetable.

Who should attend

This course is suitable for professionals in manufacturing and service industry sectors including aerospace, defence, automotive and energy, who work with, or are responsible for, engineers who need to know about cost engineering. Due to the course being online, it is best suited to those interested in distance learning.

Partnerships

BAE Systems

Speakers

Speakers include:

Concessions

Group discounts are available.

Read our Professional development (CPD) booking conditions.