Advanced Certificate in Engineering Cost Management Principles
-- ViewingNowThe Advanced Certificate in Engineering Cost Management Principles is a comprehensive course designed to equip learners with critical skills in cost management, primarily for the engineering sector. This certification emphasizes the importance of controlling costs, maximizing profits, and making informed financial decisions in engineering projects.
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• Engineering Economy: This unit covers the principles of engineering economy, including time value of money, interest, depreciation, and inflation. It provides students with the necessary skills to perform financial analysis and make informed decisions related to engineering projects.
• Cost Estimation Techniques: This unit focuses on the various techniques used in engineering cost estimation, including top-down and bottom-up approaches, parametric estimating, and the use of historical data. It also covers the importance of sensitivity analysis and contingency planning.
• Cost Management Tools and Systems: In this unit, students learn about the various tools and systems used in engineering cost management, including activity-based costing, earned value management, and cost control systems. It also covers the integration of cost management with project management.
• Procurement and Contract Management: This unit covers the principles of procurement and contract management in the engineering industry. It includes topics such as supplier evaluation, contract negotiation, and contract administration. It also covers the legal and ethical considerations in procurement and contract management.
• Risk Management in Engineering Cost: This unit focuses on the principles of risk management in engineering cost, including risk identification, assessment, and mitigation. It also covers the use of risk management tools and techniques, such as Monte Carlo simulation and decision trees.
• Financial Analysis and Budgeting: This unit covers the principles of financial analysis and budgeting in engineering projects. It includes topics such as financial statements, cash flow analysis, and budget preparation. It also covers the use of financial metrics, such as return on investment and net present value.
• Life Cycle Cost Analysis: This unit focuses on the principles of life cycle cost analysis in engineering projects. It includes topics such as cost of ownership, maintenance costs, and disposal costs. It also covers the use of life cycle cost analysis tools and techniques, such as whole life costing and value engineering.
• Lean Construction and Cost Management: This unit covers the principles of lean construction and its impact on engineering cost management. It includes topics such as value stream mapping, waste reduction, and continuous improvement. It also covers the use of lean tools and techniques, such as the last planner system and 5S.
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