Fundamental Skills and Knowledge of Cost Engineering

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Course Description

This is an AACE certification exam prep course developed in partnership with AACE International. Participants will learn and review foundational knowledge for cost engineers and project control professionals. Fundamental Skills and Knowledge of Cost Engineering is a self-paced, structured method for synthesizing AACE course materials with feedback provided through automated knowledge checks and instructor-graded assignments and exams. We encourage you to view the actual course content before registering.

  • Learning Outcomes
  • Assessments
  • Course Outline

Fundamental Skills and Knowledge of Cost Engineering course aims for learners to achieve the following learning outcomes:

  • Explain and distinguish
    • Engineering Economics, its fundamental principles, and terminology found in the practice of cost engineering;
    • Basic management functions and the techniques for successful project management;
    • Proper terminology related to cost engineering practices, constructability concepts, and the value engineering process;
    • Project control techniques;
    • Basic quality improvement principles; and
    • Basic terminology for computer applications in cost engineering.
  • Apply Engineering Economics fundamentals to typical decision-making and problems found in the practice of cost engineering
  • Analyze project data, determine productivity
  • Develop processes for improvement

You must complete all six of the major assignments with 80% or better to receive CEUs. You will need to complete both the knowledge checks and the major assignment for each module before you can proceed to the Final Examination. Knowledge checks provide automated feedback regarding your mastery of lesson materials. The major assignments are graded as pass/fail by the instructors of the course. There is also a Mid-course exam and a final exam, which are graded as pass/fail.

  • Course Introduction
  • Module 1: Economic Analysis
  • Module 2: Cost and Cost Estimation
  • Module 3: Planning & Scheduling
  • Mid-course review
  • Module 4: Cost Control
  • Module 5: Project Management
  • Module 6: Statistics, Probability, and Risk
  • Final Examination

Course Procedures

The course begins the date we receive your registration and payment. All course work must be completed within 6 months of that date. $950.00 (U.S. dollars) non-refundable registration fee must be paid in advance to Iowa State University. Upon receiving your payment, we will send you a username and password in order to access the course website where you can download course materials including the course workbook.

The course will cover the fundamental areas in 6 modules through a self-paced, online learning opportunity. There are assigned readings and videos, as well as supplementary videos to prepare you for knowledge checks, major assignments, and exams. Knowledge checks are scored but not graded and provide automated feedback. Major assignments (6 in total) will all be submitted on the course website, reviewed by the course teaching assistant (TA), and then returned with a score and feedback attached. There is a mid-course exam graded by a TA, and a final preparatory exam that provides automated feedback. After successful completion of the course, you can apply to receive 8.0 Continuing Education Units (CEUs) and a certificate of completion issued by Iowa State University. All segments of the course must be completed to earn CEU credit for the course. Partial credit will not be awarded.

Required Textbook

Skills and Knowledge of Cost Engineering Textbook PhotoSkills & Knowledge of Cost Engineering, 6th Edition
by Dr. Markarand Hastak PE CCP, AACE International, 2015

Now in its 6th edition, this updated and expanded guide for fundamentals is an excellent choice for anyone interested in a concise reference to all aspects of the profession. The 6th edition includes 34 chapters on cost estimating, planning and scheduling, progress and cost control, project management, economic analysis, risk, and more. This is a very useful book for those studying for AACE International certification exams.

The required textbook can be purchased from the following stores:

*AACEI store and will require you to register before ordering. If you are a member of AACEI, a discount can be applied.

Time Extension

This course offers a time extension of an extra 6 months for a fee of $400.00 USD if you are unable to finish the course in the allotted time. Please go to Cost Engineering 6-Months Extension Registration page.

AACE International Contact Information

For more information about AACE International Certification Exams or becoming a member, please go to AACE International or call 1-800-858-COST.

Contact Information

Contact for more information.

Continuing Education Units (CEUs): 8.0 CEUs

Registration Cost: $950.00 USD

Course Hours: 80 hours

Course Start Date: Upon Registration

Course Access Time: 6 Months

InstructorInstructor, Jim Rowings, PhD
PE (Indiana)
Fellow AACE International
Fellow ASCE

After graduation with a BS in Civil Engineering in 1975, Jim began his career working for ARAMCO in Saudi Arabia as a construction engineer on projects ranging in scope from 60 million to 2.3 billion dollars. Jim completed his MSCE in 1979 and a Ph.D. in Engineering in 1982 from Purdue University. Jim accepted a faculty position at the University of Kansas in 1982. In 1986, Jim moved to Iowa State University as the Professor-in-Charge of Construction Engineering.

During his academic career, Jim taught every fundamental construction engineering course and many graduate-level courses related to Construction Engineering and Management. He also authored and co-authored numerous papers and books. He has been teaching review courses since 1984 and developed a Certification Review course to help new cost engineers prepare for the certification exam.

On a national level, Jim served in leadership positions as President of AACE International (Cost Engineers), Chairman of the Engineering Management Group in American Society of Civil Engineers (ASCE), and Chairman of the Design-Build Institute of America (DBIA Education and Research Foundation). He is a fellow in ASCE and AACE International. After 15 years at Iowa State University, Jim joined Peter Kiewit Sons’, Inc. in 2001 as Vice President for Organization Development. He was named Chief Learning Officer and Vice President – Kiewit University in 2007.

After completing Iowa State University’s Fundamental Skills and Knowledge of Cost Engineering course, I am one step closer to my goal of becoming certified as a cost professional.

Jozanne R.

Companies That Have Taken This Course

  • BP
  • Chevron
  • U.S. Air Force
  • U.S. Army
  • Emerson
  • DuPont
  • Schneider Electric
  • Google
  • Quadrant Energy
  • Bio-Rad
  • NOVA Chemicals
  • Emery Caribbean
  • Canus Corporation
  • Bechtel
  • Chicago Bridge & Iron Company
  • TransCanada Pipelines
  • Canadian Space Agency
  • Petroleum Development of Oman
  • U.S. Army Corps of Engineers
  • Suncor Energy
  • WorleyParsons
  • Nigerian National Petroleum Corporation
  • Skills Development Scotland
  • Southern Nuclear
  • Bolashak Atyrau
  • British Gas
  • Arrow Energy
  • Archirodon
  • Nokia Networks
  • Canadian Natural Resources
  • Duke Energy
  • And many more…