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A cost engineer is an engineer whose judgment and experience are utilized in the application of scientific principles and techniques to problems of estimation; cost control; business planning and management science; profitability analysis; project management; and planning and scheduling.. Contents.ost engineering is a field of engineering practice that began in the 1950s (AACE International was founded in 1956). The skills and knowledge areas of Cost Engineers are similar to those of Quantity Surveyors.
1 Depending on the type of setup, the engineer may either charge by the job or by the hour. 2  By the hour, plan on spending anywhere from $75 to as much as $145 per hour.3  If itâs going to be based on the entire project, plan on budgeting around 6-10%. 4  Basic jobs such as an inspection could run $200 to $500.ow much does it cost? 1  Depending on the type of setup, the engineer may either charge by the job or by the hour. 2  Basic jobs such as an inspection could run $200 to $500. 3  According to fixr.com, a structural engineer would usually ask for about 8% of the total construction project cost. 4  Homewyse.com suggested that the hourly rate of a Structural ...