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In the 1960s, the electrical industry was booming thanks to lower prices and the huge increase in the number and reach of power lines, making electricity more in demand than ever before. By 1972, it was widely recognized that this rapid growth demanded some oversight to promote safety, system reliability , and quality testing.
Significant professional bodies for electrical engineers include the Institute of Electrical and Electronics Engineers and the Institution of Engineering and Technology. The former claims to produce 30 percent of the world's literature on electrical engineering, has over 360,000 members worldwide and holds over 300 conferences annually.
A cost estimate is the approximation of the cost of a program, project, or operation. The cost estimate is the product of the cost estimating process. The cost estimate has a single total value and may have identifiable component values. A problem with a cost overrun can be avoided with a credible, reliable, and accurate cost estimate. A cost ...
Use of NICET certification varies according to needs determined by employers, specifiers, and local government. Specific certification requirements established throughout the United States vary by engineering technology fields in various states and localities. Some areas may require a NICET or similar certification as condition for employment.
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Cost engineering is "the engineering practice devoted to the management of project cost, involving such activities as estimating, cost control, cost forecasting, investment appraisal and risk analysis". [1] "Cost Engineers budget, plan and monitor investment projects. They seek the optimum balance between cost, quality and time requirements." [2]