👉 Expenditures engineering, also known as cost engineering or project cost estimation, is a critical phase in the engineering design process that involves calculating and predicting the total costs associated with a project or product. This includes direct costs like materials, labor, and equipment, as well as indirect costs such as overheads, permits, and contingencies. Engineers use various techniques, including parametric estimation, bottom-up estimating, and analogous estimating, to ensure accurate cost predictions. These estimates are essential for budgeting, financial planning, and securing funding, enabling project managers to make informed decisions and maintain project profitability.
