By Daniel Tyokua
The Institute of Appraisers & Cost Engineers (IACE) has inducted 152 cost engineers and engineering valuers into the institute to promote quality engineering services across the country.
Speaking at the 2023 conference, the National Chairman of the Institute, Engr. Ike Iwenofu, said cost engineering is an area of engineering practice where professional engineering judgement and experience are utilized in the application of scientific principles and techniques to problems of cost estimation.
“Cost control, planning and scheduling, profitability analysis and project management”
He explained that many people have limited knowledge of what engineering encompasses, and there was the need to emphasize on areas of improvement and standards.
According to him, “the general perception is that engineering addresses technical issues such as the physical design of a structure or system without considering other important dimensions such as money, time and other resources that would be deployed in the development of the structure or system.
“Cost is the collective term for resources such as money and time. These resources are limited and should be utilized efficiently. This is where the practice of cost engineering focuses on; “managing cost throughout the life cycle of any enterprise.
“Engineering economy establishes the economic justification in the selection of competing alternatives with regard to projects, investment, manufacturing process.
“it is essentially the science of formulating, estimating and evaluating the economic outcome of alternatives”
Iwenofu further explained that the conference, “shall attempt to make our modest contributions,from our perspectives as an Institute,to the theme of the 2023 Nigerian Society of Engineers Conference “Re-Engineering the Manufacturing Sector for Competitiveness and Enhanced Economic Growth.
In a lead paper presentation, Dr. Charles Mbelede, stated that the institute, which a division of the Nigerian Society of Engineers (NSE) and a member of International Cost Engineering Council, acknowledges the importance of the valuation of property in a society that permits and encourages the ownership of tangible assets and the fundamental legal rights of ownership of material entities.
He called on the engineers to always comply with applicable regulatory guidelines and standards, stressing that such should be imperative as it could help ensure professionalism, honesty, due diligence, accountability and transparency in valuation and cost engineering practices.
