Cranfield University Online Courses

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Cranfield University Online Courses

Course overview
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.

Learning Outcomes
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

Course description
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).

To register:
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.