Cost Engineering as a Factor in Ensuring the Competitiveness of Enterprises

Abstract

The presented study examines the effects of financial and economic factors on the competitiveness of enterprises, with a particular focus on the impact of the price factor. It analyzes the major parameters of cost engineering as a type of consulting services and assesses the practicability of its implementation in the activity of enterprises to create additional competitive advantages.Aim. The study aims to determine the effects of cost engineering on the competitiveness of economic entities and its correlation with competitiveness factors.Tasks. The authors define cost engineering and the specific features of this type of consulting services, determine the impact of the price factor on the competitiveness of enterprises, and substantiate the potential for using cost engineering in the implementation of projects as a way of enhancing competitiveness.Methods. This study is based on the systems approach as well as logical, comparative, factorial, and structural analysis using the theoretical framework of analysis of economic processes.Results. The study proposes using cost engineering as a fundamental link in the integration of planning, funding, and pricing processes at the enterprise level. The practicability of using this particular type of consulting services is further substantiated by the direct correlation between cost engineering and competitiveness factors.Conclusions. Application of cost engineering at the modern stage of development of the national economy can have a positive effect on the competitiveness of economic entities, while also creating and developing their additional competitive advantages.