Cost Estimating for Mechanical Engineers

In Cost Estimating for Mechanical Engineers, you'll learn ...

• Four (4) different types of cost estimating methods
• Some common applications in engineering where cost estimating is used
• General things to watch out for when cost estimating
• Cost estimating examples

Overview

Credit: 2 PDH

Length: 29 pages

Cost estimating is an essential skill for engineers. Improving and maintaining cost estimating ability aids in engineering from the time an engineer determines a fee all the way through the design process and into any life cycle cost analysis or pre-bid cost estimates that an owner may require.

Whether using cost estimating software or manual techniques, this course teaches mechanical engineers to perform the following types of cost estimating methods:

1. Dollars Per Square Foot.
2. Rule of Thumb.
3. Comparable Project.
4. Detailed Cost Estimate.

Learn when each type of estimate should be used, how to do them, and common mistakes to avoid.

Applying these skills helps the engineer to:

1. Decide on dollar amount for an engineering fee proposal.
2. Assisting owners and architects in establishing project scope and budget.
3. Evaluate between different engineering options.
4. Improve basic design decisions from piping and ductwork design to system selections.
5. Provide detailed cost estimates for state government prior to contractor bidding as a step towards a smooth bid process.
6. Evaluate change orders during construction and advising owner.
7. Avoid common mistakes.
8. Be able to determine system costs for Life Cycle Cost Analysis.