👉 Priced engineering refers to the practice of setting and justifying the costs associated with developing, maintaining, and deploying engineering solutions or products. It involves a detailed analysis of the resources required—including labor, materials, technology, and time—to produce a specific engineering outcome. This process includes estimating direct costs like wages and materials, as well as indirect costs such as overheads, project management, and potential risks. Priced engineering aims to ensure transparency and fairness in pricing by clearly communicating these costs to stakeholders, enabling informed decision-making and maintaining trust in the value provided. It's crucial for companies to balance profitability with competitiveness while delivering high-quality engineering solutions.
