What is Cost Management?

Cost engineering is the application of engineering principles to the management of costs related to development of a project. The overall planning, co-ordination and control of a project from its inception to required timely completion, and meeting the quality standards within estimated costs, is the primary interest of the owner.This, in essence, is Professional Cost Management (PCM) on behalf of the owner, and not merely Management of the individual Construction costing.The aim of PCM is to produce a completed project, which complies with the owner’s requirements and objectives, is completed within acceptable variations in contract and has minimum deviation from the original budget. Good PCM ensures widespread agreement on the owner’s objective, and this must be maintained throughout the phases of Design, Construction and finally, Commissioning of the project.

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