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Cost engineer vs product development engineer

The differences between cost engineers and product development engineers can be seen in a few details. Each job has different responsibilities and duties. It typically takes 4-6 years to become both a cost engineer and a product development engineer. Additionally, a cost engineer has an average salary of $87,901, which is higher than the $86,075 average annual salary of a product development engineer.

The top three skills for a cost engineer include project management, cost analysis and construction management. The most important skills for a product development engineer are CAD, solidworks, and product development.

Cost engineer vs product development engineer overview

Cost EngineerProduct Development Engineer
Yearly salary$87,901$86,075
Hourly rate$42.26$41.38
Growth rate3%2%
Number of jobs65,278202,155
Job satisfaction--
Most common degreeBachelor's Degree, 74%Bachelor's Degree, 75%
Average age4541
Years of experience66

What does a cost engineer do?

A cost engineer is responsible for projecting cost and expenses reports for the production process, identify and mitigate risks, and develop strategic techniques to reduce the excessive financial loss for project buildings. Cost engineers conduct data and statistical analysis to measure time deliverables and quality checks to ensure profitability and adherence to business objectives. They research and negotiate materials from trusted suppliers and vendors with high-quality products that would meet construction designs and client specifications.

What does a product development engineer do?

A Product Development Engineer is responsible for creating and testing new product designs. They collaborate with market researchers to evaluate market needs, existing competition, and potential costs.

Cost engineer vs product development engineer salary

Cost engineers and product development engineers have different pay scales, as shown below.

Cost EngineerProduct Development Engineer
Average salary$87,901$86,075
Salary rangeBetween $64,000 And $120,000Between $64,000 And $113,000
Highest paying CitySan Francisco, CASunnyvale, CA
Highest paying stateRhode IslandCalifornia
Best paying companyBP America IncAmazon
Best paying industryEnergyTechnology

Differences between cost engineer and product development engineer education

There are a few differences between a cost engineer and a product development engineer in terms of educational background:

Cost EngineerProduct Development Engineer
Most common degreeBachelor's Degree, 74%Bachelor's Degree, 75%
Most common majorBusinessMechanical Engineering
Most common collegeGeorgia Institute of TechnologyMichigan Technological University

Cost engineer vs product development engineer demographics

Here are the differences between cost engineers' and product development engineers' demographics:

Cost EngineerProduct Development Engineer
Average age4541
Gender ratioMale, 74.1% Female, 25.9%Male, 86.8% Female, 13.2%
Race ratioBlack or African American, 4.9% Unknown, 4.7% Hispanic or Latino, 11.3% Asian, 14.4% White, 64.5% American Indian and Alaska Native, 0.2%Black or African American, 3.1% Unknown, 4.5% Hispanic or Latino, 7.8% Asian, 16.7% White, 67.9% American Indian and Alaska Native, 0.1%
LGBT Percentage6%5%

Differences between cost engineer and product development engineer duties and responsibilities

Cost engineer example responsibilities.

  • Manage and monitor SharePoint activities and update daily tasks to ensure information is documented, remains accurate and up-to-date.
  • Manage Jenkins security by providing specific access to authorize developers/testers using project base matrix authorization strategy.
  • Create BOM for each project assuring special procedures, materials requirements and reinforcements.
  • Research and analyze various commodities for function to price and price to cost evaluation.
  • Design and install a complete integrate information management system on IBM equipment and ERP software.
  • Document all corporate procedures and policies instruction to establish constancy within GAAP rules and regulation.
  • Show more

Product development engineer example responsibilities.

  • Manage design control including FMEA risk analysis, surgeon clinical input documentation, design verification and validation activities.
  • Manage project from conceptual design through final debugging and animal/clinical testing resulting in a new business unit within the company.
  • Create java test template design to vary equation specs and loop pattern bursts.
  • Develop and maintain websites in HTML, CSS and JAVA script by writing, debugging, and testing.
  • Set up, troubleshot and maintain the Linux and Unix machines used in the development, build and test of ADINA.
  • Participate in engineering DFMEA activities.
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Cost engineer vs product development engineer skills

Common cost engineer skills
  • Project Management, 9%
  • Cost Analysis, 7%
  • Construction Management, 7%
  • Project Controls, 7%
  • Cost Data, 5%
  • Cost Models, 4%
Common product development engineer skills
  • CAD, 6%
  • Solidworks, 5%
  • Product Development, 5%
  • Project Management, 4%
  • Data Analysis, 4%
  • Product Design, 4%

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