This badge qualifies as an IACET Accredited Badge. The individual IACET Accreditation Number for SAE, International is: 1003713-2. IACET's accreditation of SAE can be verified here:
https://www.iacet.org/resources/accredited-providers-list/accredited-provider-overview/?providerID=108726This badge does not expire.
Principles of Cost and Finance for Engineers
In today’s corporate environment of shrinking budgets, required structural cost reductions,
sharing of global designs/services, and pricing pressures, it is critical that engineers possess a
working knowledge of engineering economics principles. To fully understand the economic
viability of engineering decisions, engineers need to find the appropriate balance between design
alternatives, resulting costs, and impact on their enterprise. This seminar introduces participants
to the cost, finance and economic concepts and their applications to products and services. This
three-day course provides you with practical information normally obtained through university
level economics and business management courses and will help you to maximize efficiencies
from both an engineering and business perspective.
Learning Objectives
By attending this seminar, you will be able to:
- Understand the hierarchy of economics, finance and cost in making financial decisions
- Review financial statements and ratios in assessing the financial state of a business
- Select the best decision-making criteria in making project decisions and allocating capital
- Implement a benchmarking plan to establish a competitive market position
- Determine the enterprise costs of raising capital through debt and equity offerings
- Analyze make-buy and buy-lease options and other alternative decisions based on the best financial strategies
- Understand the financial sensitivity of project decisions and the use of decision tools for integrating business requirements
- Determine and optimize all costs in the production process
- Select the optimum cost accounting strategy and inventory plan
- Identify the appropriate cost estimation methodology for metallic, electronic & plastic components
- Select cost control alternatives from marketing, engineering, commercial and geographic options
