COMG 631. Cost Engineering. 3 Credits.

This course teaches the cost engineering tools that are typically encountered in construction management, and is based on the Construction Financial tools in Procore- one of the leading providers of cloud-based applications for construction. Students develop a thorough understanding of cost management theory, workflows, calculations, documentation, and reporting, and the intricate role of user permissions. Topics include cost control, budget, prime contract, commitments (subcontracts and purchase orders), change events, rough estimates, proposals, change orders, trade allowance tracking, budget transfers, prime invoices, commitment invoices, sub jobs, reporting, and internal auditing. The payment application process and retainage calculations are thoroughly explained. Transition to a Guaranteed Maximum Price (GMP) contract structure with associated holds and allowances. Learn to develop change management workflows based on sound cost engineering rules.