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Optimal Cost Engineering Process
| Content Provider | Scilit |
|---|---|
| Author | Domanski, Chris |
| Copyright Year | 2020 |
| Description | Book Name: Project and Cost Engineers' Handbook |
| Abstract | It is critical to employ cost engineering in the product development process from concept to production and back to concept. It is a form of cost control, giving product development teams both knowledge of their product’s cost as well as tools to do something about it. As much as engineers love to have a free hand in the creative process and an ability to develop awesome products, they also love to keep their jobs, which is difficult to accomplish when the products are not making any money for the company. There are a lot of skeptics that will argue that they do not need the cost engineering resources and processes at their companies because their products don’t change and historical data is sufficient to guide their engineers. This is, however, seldom the case. In reality, products constantly evolve. In order to keep up with market trends and competition, companies are forced to continuously change their products. For example, cars with four wheels and gasoline engines have been produced for over a hundred years, yet the technology for each and every vehicle component has evolved dramatically. Engines are constantly improving to get more torque using less gasoline, seats are now movable in almost all directions and have heating and sometimes cooling, the electronic controls changed from push buttons to touch screens, car bodies are moving away from steel into aluminum and plastic, and now powertrains are shifting from gasoline to hybrid or fully electric. The same can be said of almost every industry – consumer electronics, aerospace, defense, shipping, food, even toilet paper – all are going through constant change and some even through very dramatic transformations. With the continual advances in electrification and automation, it is more likely that the pace of product change will speed up going forward. Companies will have to do more development in less time to keep up. Although it is an additional step in the product development process, cost engineering capability will become even more critical to the well-being of any company. It is really the only way to avoid catastrophic cost overruns and sustain a company’s success in the long run. |
| Related Links | https://content.taylorfrancis.com/books/download?dac=C2019-0-08702-7&isbn=9781003013877&doi=10.1201/9781003013877-7&format=pdf |
| Ending Page | 127 |
| Page Count | 15 |
| Starting Page | 113 |
| DOI | 10.1201/9781003013877-7 |
| Language | English |
| Publisher | Informa UK Limited |
| Publisher Date | 2020-04-28 |
| Access Restriction | Open |
| Subject Keyword | Book Name: Project and Cost Engineers' Handbook Manufacturing Engineering Product Development Process Cost Engineering |
| Content Type | Text |
| Resource Type | Chapter |
