The Society's Vision & Mission
The Society of Cost Engineers, LLC is a professional organization for Cost Engineers. The Society has been designed to promote and assist the discipline of Cost Engineering through standardization, education, and certification. The Society of Cost Engineers, LLC is intended to be a member-driven organization. The membership has the ability to help define the course of the organization through the open exchange with the leadership via the forums, comments, and contact us links.
The Society of Cost Engineers, LLC attempts to promote both individuals and the Cost Engineering discipline by posting resumes as well as job openings.
The Society of Cost Engineers, LLC, while being unbiased, will continue to work with industry leads to ensure that it stays relevant, up to date, and able to identify the best costing tools available in the market or self-made to make it possible to identify what is the best solution for each enterprise. We will continue to work with these leaders to provide benefits to our members in the form of discounts, training, expert advice examples, etc.
The GOAL of the Society of Cost Engineers, LLC is to standardize cost engineering terms, procedures, and certification and to deploy the cost transparency culture around the world.
What is Should Costing?
Should Costing is the practice of determining the "SHOULD COST" of a product, component, or service prior to issuing a Request for Quote. Should Costing is similar and relies on some of the same principles of the typical Cost Estimating, but is entirely different.
Should Costing is an attempt to predict the cost/price of your supplier based on Best-in-class processes. Once you have this established, you then use Fact-Based Negotiations for your purchased components, assemblies, or services.
The Cost Café is now open!
Grab a drink, take a 15-minute break (or maybe an hour), relax, and join us at the Cost Café. We are starting a new series for cost professionals everywhere. Discussing, debating, and enjoying all things cost engineering. For updates, become a free member on the Society of Cost Engineers website, and follow the Society of Cost Engineers on LinkedIn for updates.
In this episode, Dan Kennedy from Galorath will discuss the different types of Cost Models and their importance.
Society of Cost Engineers Sponsor Series Galorath Edition – YouTube
In this episode, Unison presents its solution for Cost Engineering.
Cost Estimation for Risk: Are Contractors Really Overpricing?
How data-driven parametric price and cost estimation can mitigate the need for vendors to overcharge fixed-price contracts.
In a May 2023 report, CBS News uncovered repeated instances of defense contractors overcharging the Department of Defense (DoD). DoD would often negotiate fixed-price contracts with a reasonable 12% â€“ 15% profit, but Pentagon analysts would later discover overcharges that boosted profit to 40% or more.
On May 24, 2023, five US Senators directed the DoD to investigate these findings in a letter to the Secretary of Defense. They noted that almost half of the FY 2024 budget â€œwill go to private contractors, underlining the importance of reining in this out-of-control price gouging.â€ The senators linked the overcharging to the long-standing issue of the DoDâ€™s inability to accurately audit their finances, leaving them vulnerable to the significant fraud reported by CBS.
Join Our Employer Network
Get in front of employers looking to hire Cost Engineers like you. Simply sign up for our Membership Programs, and your résumé will be given to our professional network.