SENOIA, GA—A new organization called the Society of Product Cost Engineering and Analytics (SPCEA) was recently formed. The organization is dedicated to cost estimating, controlling and optimization professionals in the manufacturing industry.
Cost engineering is the practice devoted to the management of project cost, involving such activities as estimating, cost control, cost optimization, cost forecasting, investment apraisal and risk analysis. In simpler terms, cost engineering (sometimes called design to cost) is the practice of engineering a company’s products to meet predefined cost requirements.