Which term refers to the application of scientific principles and techniques to problems of estimation, cost control, and project management?

The term that refers to the application of scientific principles and techniques to problems of estimation, cost control, and project management is cost engineering. This field combines engineering principles and practices with economic and financial methodologies to enhance project reliability and efficiency through effective cost estimation and control.

Cost engineering encompasses aspects such as designing cost-effective solutions, developing budgets, forecasting and managing costs, and ensuring that projects are completed within financial constraints and timelines. It plays a crucial role in various industries by providing a systematic approach to managing costs throughout a project’s lifecycle, which is vital for successful project completion.

Other terms such as cost analysis, cost accounting, and financial management, while related to financial aspects of a project, do not specifically encompass the same range of engineering principles and techniques needed for effective cost management in project contexts. Cost analysis focuses more on evaluating costs and benefits of different alternatives, cost accounting centers on tracking financial transactions, and financial management deals with broader financial planning and investment strategies.