A budget identifies the planned expenses for a project, program or portfolio. It is the baseline against which the actual expenditure and eventual projected cost of the work is reported. Cost estimates are based on comparative or parametric estimation techniques.
Cost and budget control includes detailed cost estimation, establishing agreed-upon budgets, and controlling costs against that budget.Â
Cost estimators play an important role in fields such as construction and manufacturing by collecting data and studying project parameters to determine how much time and labor is needed for a project.Â Â They also determine what resources are required to complete a project and how much money a complete project will cost.
After completing the quantity surveys, the estimator prepares a cost summary for the entire project, which includes the costs of labor, equipment, materials, subcontractors, overhead, taxes, insurance, margin and any additional costs that may affect the project.Â
The application of cost and budget control methods helps to determine the revenue and expense profiles of any project, develop budgets and align them with the financing, as well as helps to implement systems to manage revenue and expenses.
Due to the growing demand for well-trained professionals in this area, many universities offer Master’s degree programs in Costing and Budgeting. Some of these master’s programs are offered free of charge or are funded by a scholarship.Â
A Free Master of Arts in Costing and Budgeting provides the knowledge, tools, and skills to develop as a professional cost estimator. It will introduce students to real problems that may arise during projects and encourage them to become critical thinkers.
This Master’s degree can also be viewed as Project Analysis and Management or Construction Management, as cost and budget analysis and estimation is the focus of study in these programs.Â Applicants for this Master’s degree should have a bachelor’s degree in construction management or another field of engineering, business or finance.
What is a Master Degree in Costs and Budgeting ?
A Master of Costing and Budgeting is a graduate learning program designed to increase the accuracy and competency of cost and budget estimates.
A Master of Arts in Costing and Budgeting is a professional degree awarded for completing a curriculum focused on the practice of the profession rather than the more general arts or sciences behind the profession.
Students will learn cost estimation techniques commonly used in government and industry, and will acquire basic skills and practical experience in all aspects of cost estimation in different areas.Â Master’s programs prepare students to become cost estimators by having them take classes that hone their technical and mathematical skills.
To obtain a Master’s degree in Costing and Budgeting, students must take classes in statistics, finance, budget analysis, economics, and others. Some programs also require students to learn risk-benefit analysis.Â Â
They will learn to collect relevant information and then analyze the data in an effort to estimate how much money, time, materials, and labor will be needed to complete a construction process or to complete the manufacture of a product.
Graduates of a Master’s degree in Costing and Budgeting will be trained to be responsible for determining cost-effective approaches to managing projects and may also be in charge of developing plans for using resources, funds, and labor.
Some of the Master of Costing and Budgeting programs require students to complete a final project before graduation.
Program, Subjects and Content of the Master Degree in Costs and Budgeting
These are some of the topics that can be included in the programmatic content of a Master’s degree in Costs and Budgets:
- Probability and statistics
- Financial and budgetary management policy
- Cost estimation: methods and techniques
- Financial Management Practice
- Applied cost analysis
- Risk and uncertainty analysis
- Fundamentals of Project Management
- Capstone cost estimation and analysis
- Economic evaluation of processes and technical alternatives.Â
- Decision making
- Systems engineering
How Long Does the Master Degree in Costs and Budgeting Take ?
A Master’s degree program in Cost and Budgeting generally takes between 1 and 2 years of full-time study to complete. The duration will depend on the university that teaches the master’s program, the modality, the program’s curriculum, among other factors.
Where can I Work with the Master Degree in Costs and Budgeting ?
Graduates of the Master of Costing and Budgeting usually work in construction, manufacturing, engineering, or related fields. They become the people responsible for making budgets and managing the partial and total costs of any project in question.Â
Operations research, production control, cost and pricing analysts working for government agencies and private companies in various industries can make significant cost estimates in the course of their regular duties.Â
Estimators in their work environment spend most of their time in offices, but often require visits to construction sites and factory floors for their work. In some cases there may be frequent travel between a company’s headquarters, its subsidiaries and subcontractors.
Countries and Cities Where You Can Study the Master Degree in Costs and Budgeting for Free Getting a Scholarship
- United States
- United Kingdom
Institutes, Centers and Universities Where the Master Degree in Costs and Budgeting is Possibly Taught for Free, through Scholarships
Master’s Degree in Cost Estimation and Analysis
- Naval Postgraduate School
- Monterey, CA, United States.
Master’s Degree in Construction Management
- University of Nevada, Las Vegas
- Paradise, Nevada, United States.
Master’s Degree in Construction Management
- Kingston University
- London, England, United Kingdom.
Master in Construction Management
- Sydney University of Technology
- Sydney, New South Wales, Australia.
Master of Engineering and Construction Management
- Concordia University of Montreal
- Montreal, Canada.
Master’s Degree in Project Management (combined)
- Royal Roads University
- Victoria, Canada.
Master’s Degree in Project Management and Data Science
- HTW Berlin
- Berlin, Germany.
Master in Project Management and Evaluation
- The University of the West Indies
- Bridgetown, Barbados.
Master’s Degree in Professional Project ManagementÂ
- WU (Vienna University of Economics and Business)
- Vienna, Austria.
Master’s Degree in Project Management
- University of Southern California
E&P Project Cost Estimating and Control Certification Program
Master Degree in Costs and Budgeting Reference Prices
The prices of the Master’s Degree in Costs and Budgets can be varied. The prices of these masters are between $6,780 and $35,560 per year. In some cases it may cost more.
The cost of this master’s degree will vary according to the country where it is taught, the institution or university that teaches the master’s degree, the modality, the duration, and the materials provided during the study, among other factors.
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FREE MASTER DEGREE IN COSTS AND BUDGETING
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Free Master Degree in Costs and Budgeting: What is it, Objective, Content, Subjects, Duration, Labor Sector, Countries, Online Universities and Price
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Juan Carlos Franco
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