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WHAT ARE COST ENGINEERING,
QUANTITY SURVEYING, AND
PROJECT MANAGEMENT?

At the 14th International Cost Engineering Congress held in Guadalajara, Mexico, February 1996, the Congress
delegates held an open discussion of the similarities and differences between the cost engineering, quantity
surveying, and project management professions. The following "white paper" summarizes the conclusions of that

discussion.
1. Cost Engineering (CE)
Function: To provide independent, objective, accurate, and reliable capital and operating cost assessments
usable for investment funding and project control decisions.
CE includes:

- estimates of capital costs;
- estimates of operating and manufacturing costs;
- risk assessment and analysis;
- trending of scope and cost changes;

- decision analysis;
- financial analysis (eg, net present value, rate of return, etc);
- project cost control;

- appraisals of existing assets;
- project analyses, databases, and benchmarking; and
- siting studies, etc.

CE provides information by:
- estimating costs and analyzing risk,
- trending and controlling costs and assessing design, and
- documenting costs.
Note: These three functions are interdependent and feed back to each other.
2. Project Management (on cost management matters only) (PM)
Function: To set project objectives in line with the purpose(s) set up by general management and to manage
the resources necessary to meet the objectives.
PM should:

- ensure that a realistic reference (scope, cost, time) is set up for further control and is in line with the
objectives;
- ensure that appropriate management tools are set up to help the team control the project;
- create a cost -minded atmosphere within the team;
- make decisions on what should be done in case of variance;
- ensure that the project objectives remain in line with business needs;

PM delivers the project by:
- managing resources,
- delegating tasks,
- making decisions,
- receiving information,
- setting goals,
- motivating people, and
- understanding cost engineering and quantity surveying.
P\u00e1gina 1 de 2
What are Cost Engineering, Quantity Surveying, and Project Management?
19/06/02
http://ourworld.compuserve.com/homepages/icec/ceqspm.htm
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