Cost Engineering

Module code: EG4373

Cost Engineering is concerned with understanding, predicting and shaping the cost of products throughout their entire lifecycle. In this module, you will develop an understanding of product cost, the factors that drive it, and the critical role cost plays in engineering, innovation and business decision-making.

Drawing on contemporary cost engineering practice, you will learn how to identify, analyse and influence cost drivers to deliver greater value, competitiveness and sustainability. Through the application of advanced cost engineering methodologies, you will construct and use both parametric and generative cost models, enabling evidence-based assessment of design, manufacturing and lifecycle cost implications.

The module combines analytical techniques with practical application through the use of industry-standard cost estimation and modelling software. You will critically evaluate the strengths and limitations of current tools and approaches, and explore emerging developments in digital engineering and cost analytics.

A key focus is the identification and quantification of cost reduction opportunities. Using approaches such as Design for Manufacture and value-driven analysis, you will assess trade-offs, support strategic decision-making, and develop solutions that balance technical performance, commercial viability and long-term value.