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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."
e. Cost accounting is defined by the Institute of Management Accountants as "a systematic set of procedures for recording and reporting measurements of the cost of manufacturing goods and performing services in the aggregate and in detail. It includes methods for recognizing, allocating, aggregating and reporting such costs and comparing them ...
Cost auditing. A cost audit represents the verification of cost accounts and checking on the adherence to cost accounting plan. Cost audit ascertains the accuracy of cost accounting records to ensure that they are in conformity with cost accounting principles, plans, procedures and objectives. [1] A cost audit comprises the following;
Quality, cost, delivery (QCD), sometimes expanded to quality, cost, delivery, morale, safety (QCDMS), [1] is a management approach originally developed by the British automotive industry. [2] QCD assess different components of the production process and provides feedback in the form of facts and figures that help managers make logical decisions.
Cost analyst. In business, a cost analyst is a professional responsible for analyzing a company 's costs, or the use of available resources, and reports such analysis to management for decision-making and control. Additional to cost analysis generally, specific work includes whole-life cost analysis and cost–volume–profit analysis.
Project Cost Management (PCM) is the dimension of project management which aims to ensure that a project is completed within its approved budget. [1] [2] It encompasses several specific project management activities including estimating, job controls, field data collection, scheduling, accounting and design, and uses technology to measure cost and productivity through the full life-cycle of ...
Chartered Cost Accountant (CCA) is a cost accounting or cost control professional designation offered by the American Academy of Financial Management.The CCA is a Graduate from Post Nominal (GPN) that is only available for accountants with an accredited degree, MBA, CPA, Chartered Accountant License, law degree, PhD or specialized executive training.
A cost centre is a department within a business to which costs can be allocated. The term includes departments which do not produce directly but they incur costs to the business, [1] when the manager and employees of the cost centre are not accountable for the profitability and investment decisions of the business but they are responsible for ...