By Dr. James E. Rowings, Jr., PE
Engineering Online Learning
Iowa State University
Learn or review the basic knowledge for cost engineers and project controls professionals. Fundamental Skills and Knowledge of Cost Engineering by correspondence is a self-paced, structured method to learn the skills required to be successful. The Department of Continuing Education and Professional Development at Iowa State University administers the course.
- Improve or review your knowledge of cost engineering
subjects through a structured study guide, study questions and exercises.
- Practice solving cost engineering problems of varying
complexity and difficulty similar to those encountered in the practice of cost
- Receive feedback and additional practice problems when
The course begins the date your registration and payment
are received. All course work must be completed within 12 months of that date. The US$525
non-refundable registration fee must be paid in advance to Iowa State University.
Upon receiving your payment, we will send you your course materials, the
texts, "Skills and Knowledge of Cost Engineering," Fifth Edition, AACE
International, Morgantown, West Virginia.
Complete the assignments at your own pace. Return completed assignments to Brenda Nelson, Iowa State University, 1328 Howe Hall, Ames, IA 50011, email firstname.lastname@example.org, or fax 515-294-6184. Assignments will be reviewed by Iowa State University staff and returned. - Consistent with the format of the course, you may email questions to email@example.com for response by the course staff.
After successful completion of the course, you will
receive 7.5 Continuing Education Units (CEUs) which will be permanently recorded by
Engineering Online Learning. You will also receive a certificate of completion issued by Iowa
State University. All segments of the course must be completed to earn CEU credit for the
course. Partial credit will not be awarded.
Part 1: Basic Engineering Economics -
includes coverage of present value, future value and annual payment calculations and
equivalencies. Application of basic time value formulas and approaches are covered. Cash
Part 2: Applied Engineering Economics -
decision making using engineering economics fundamentals including rate of return, cost
benefit analysis and minimum attractive rate of return. Includes treatment of depreciation
and taxes in analysis.
Part 3: Contracting Fundamentals for Cost
Engineers - includes forms of contracts and their application and advantages and
disadvantages. Risk and terminology related to typical contract provisions are included.
Part 4: Conceptual Cost Engineering -
approaches to conceptual engineering including parametric estimating, factored estimates,
scale of operation and panel methods. Includes development and use of time, size and
Part 5: Detailed Cost Estimating -
general estimating terminology and steps to prepare a detailed estimate. Includes unit
price estimates and lump sum estimates. Development of composite crew rates.
Part 6: Statistics and Probability for Cost
Engineers - terminology related to basic statistics including central tendency
and variance. Application to cost engineering situations.
Part 7: Forecasting Applications for Cost
Engineering - includes least squares method of forecasting and application of the
Part 8: Operating and Manufacturing Cost
Engineering - development of screening estimates and detailed operation estimates
for manufacturing operations and processes. Application of operations cost graphs and
techniques for profitability analysis.
Part 9: Basic Business and Finance for Cost
Engineering - types of accounting and terminology. Basics of balance sheets and
income statements along with analysis using ratios.
Part 10: Project Management Basics -
basic principles of human behavior applied to management situations. Leadership and
management terminology are covered.
Part 11: Constructability and Value Engineering
- basics of the constructability review process and objectives. Includes basic definitions
of value and the value engineering process.
Part 12: Planning and Scheduling -
differences between planning and scheduling, basic planning approaches. Fundamental
terminology and process for CPM scheduling and diagramming is included. Determination of
types of float and their application are also explained.
Part 13: Project Control Basics -
methods of measurement of progress and determination of earned value. Includes forecasting
with earned value approaches. Schedule and cost variance and cost performance are also
Part 14: Productivity and Quality Improvement
- basic terminology and concepts related to Total Quality Management. Includes quality
circle approach and use of productivity improvement approaches and methods for process
Part 15: Computer Basics for the Cost Engineer
Course Review - basic computer terminology and the functions of common hardware
and software used by cost engineers.
Tuition: $500 / $500 (Nonmember / AACE member)
The course will cover the fundamental areas in 15 parts through a self-paced, distance learning opportunity. Students will be expected to purchase “Skills and Knowledge of Cost Engineering, 5th edition,” which can be purchased from Amazon.com using this link
Click here to
Register Online (Directly with Iowa State University) or call EOL at 1-800-854-1675 for more information! You can also find out more information on this course by going to their
If you have questions, please contact Engineering Online Learning at firstname.lastname@example.org