Cranfield University Online Courses
The Principles of Cost Engineering course is an innovative online course. It is aimed at those working with engineers, including technicians, graduate engineers and non-engineering professionals across the defence, aerospace, naval and land sectors.
Cost is everybody’s responsibility. Cost awareness is essential for a broad range of personnel in the company, its partners and its supply chain. The delegate will have an understanding & knowledge of cost & the collective responsibility for cost, be able to describe each stakeholder’s influence and understand impact of design, systems engineering & whole life cost. A culture of awareness in cost and the “big picture” is a facilitator of overall cost reduction.
Course Start Date
Course is scheduled twice a year in April and September (minimum number of delegates apply).
Duration – 12 weeks
The course comprises six sections and a number of study units delivered as an audio-visual presentation, discussion questions and six assessed assignments. These provide the ‘tools’ required for the group project. The Group project involves working together in teams on a realistic project to fulfil demanding objectives within a tight time schedule and delivering results to a high professional standard.
Key Learning Points
Section 1 – Cost as a Business driver
• To have understanding and knowledge of cost and the
• collective responsibility for it.
• To understand cost in the business context and be
• able to describe each stakeholder’s influence on cost.
• To be aware of tools, techniques and methods in the
• context of cost.
• Understand the impact of design, systems engineering and the while life cycle cost.
• Understand the cost impact of making decisions.
Section 2 – Understanding Cost
• To build a detailed cost estimate step-by-step.
• Understand the differences between Non-Recurring Cost and Unit Production Cost and identify their cost drivers.
• Undertake parametric cost estimates and describe their differences with a detailed cost estimate.
• To learn about commercial tools.
Section 3 – Target Costing
• Understand target costing principles.
• Look at Target costing and understand the challenges using a worked example.
• Understand and use cost reduction techniques.
Section 4 – Costs of Supply
Understand the cost of logistics.
Section 5 – Whole Life Cost & Systems Engineering
• Understand the systems engineering perspective to Life Cycle Cost, and whole life cost prediction.
• Understand the cost of Commercial Off-The-Shelf (COTS).
T: +44 (0) 1234 754176
Please use the enquiry details in the right hand toolbar for further information about the course, start dates and schedules.