Cost Engineering in South Korea

Cost Engineering in South Korea

Recently, Cost Engineering received an invitation from one of the professors at Postech University, located in Pohang, South Korea. Purpose was to introduce the concept of total cost management to his students. Always an honor, and we were certainly delighted to be invited.

So of course we accepted. Shortly after the arrival of one of our colleagues, Martin van Vliet, it became clear that there was quite a large interest in the topic. This was proven by the large number of people attending the first workshop which was organized in the auditorium of the university. During and after the presentation there were quite some engaging discussions and interesting questions. Many of the Korean students were new to the concept of total cost management so we explained various aspects of the subject, such as:

  • Cost estimating: what are the deciding factors when creating a new cost estimate?
  • Cost managemen / cost controlt: how to control your cost during project execution?
  • Risk analysis: the possible techniques to identify risks and how to assess their probability and value.
  • Value engineering: how to increase the ratio between functionality and costs?

A second workshop was organized in Seoul and was more focused on EPC contractors, with companies attending like Posco Energy, Hyundai, Samsung and Daewoo. It was certainly nice to see that total cost management is such a relevant topic at the offices of industry leaders like these.