In the world of engineers and within the domain of Value Engineering, it is critical to have the knowledge of cost How cost elements are built up in different industries, e.g., manufacturing, process industry, job shops, etc. The underlying belief is that only with pertinent knowledge can the engineers control and improve costs. Cost is also a key focus area in certification programs such as the Certified Value Specialist (CVS) program on Value Engineering. Value Engineering practitioners and students find it difficult to assimilate the financial aspects required for qualifying the certification test. Keeping all this in mind, this book builds on the concept of cost elements, chapter by chapter. Different methods of costing have been discussed in a separate chapter. Each chapter supports the learning process through solved examples that clarify the concepts. At the end of each chapter, objective type questions and problems are given. The solutions of all the objective questions and the problems have been provided in the last chapter. The book is meant to be user-friendly and is focused on building an affinity for cost, through a simplified approach.