Cost engineering is the branch of engineering that deals with the planned and systematic approach to managing project cost. Some of the synonyms for cost engineering are cost management, cost estimation, cost planning, cost analysis, cost control, project budgeting, and financial management. These terms relate to the process of keeping the cost of a project under check, starting from the planning phase and going through project execution. The cost engineering approach enhances the efficiency of project management to ensure that the resources are allocated appropriately to achieve the desired result in the most economical manner. Regardless of the synonym used, cost engineering is critical to ensure project success, on-time delivery, and within budget.