How to Be Aerospace Cost Estimator - Job Description, Skills, and Interview Questions

The cost of aerospace products can be a major factor in the success of a business. If the cost of manufacturing and/or purchasing aerospace components is too high, it can cause a significant financial strain on a company. This can lead to decreased profits and ultimately, the potential failure of the business.

To help avoid this problem, a reliable aerospace cost estimator can be used to determine the most accurate cost of components and materials. This allows companies to plan ahead and budget appropriately for their projects, ensuring that the costs fit within their financial constraints. With accurate cost estimators, businesses can make informed decisions about their aerospace investments and remain competitive in their industry.

Steps How to Become

  1. Obtain a Bachelor's Degree. The first step towards becoming an Aerospace Cost Estimator is to obtain a Bachelor's Degree in a relevant field, such as Aerospace Engineering, Mathematics, or Business.
  2. Get Relevant Work Experience. Cost Estimators need to have experience working in the aerospace industry in order to be successful. Gaining relevant work experience can be done through internships or through working in the aerospace industry.
  3. Become Certified. There are several certification programs available for Cost Estimators. Becoming certified can demonstrate a level of expertise and knowledge that employers find attractive.
  4. Gain Experience with Estimating Software. Most cost estimators use specialized software programs to help them accurately assess the costs associated with a project. Gaining experience with these programs is essential for success in this field.
  5. Consider Additional Education. Some employers may require that Cost Estimators have a Master's Degree in a related field, such as Business Administration or Economics. Consider pursuing additional education if it is needed for your desired position.

The need for skilled and qualified aerospace cost estimators has increased dramatically in recent years due to the complexity of the industry. Companies must account for the cost of increasingly advanced materials, labor, and other necessary components when estimating the cost of an aerospace project. As a result, the demand for professionals with knowledge of aerospace materials, supply chain management, and other related disciplines has grown substantially.

Those professionals with the right skills are highly sought after by aerospace companies, as they can provide accurate and reliable cost estimations that can be used to create effective budgets and timelines for projects. Consequently, success in the industry often depends on having the appropriate level of expertise in cost estimation.

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Job Description

  1. Aerospace Project Manager - responsible for overseeing and managing all aspects of aerospace projects, including budgeting, scheduling, and ensuring quality standards are met.
  2. Aerospace Engineer - responsible for designing and developing aerospace components, systems, and equipment.
  3. Aerospace Technologist - responsible for researching and developing aerospace technologies.
  4. Aerospace Quality Control Specialist - responsible for performing inspections of aerospace parts and components to ensure they meet safety and quality standards.
  5. Aerospace Manufacturing Technician - responsible for operating machinery and equipment used in the fabrication and assembly of aerospace components.
  6. Aerospace Cost Estimator - responsible for analyzing cost data, developing cost estimates, and preparing reports for aerospace projects.

Skills and Competencies to Have

  1. Knowledge of aerospace engineering principles and practices.
  2. Knowledge of aerospace fabrication and assembly processes.
  3. Understanding of aerospace materials, components, systems, and their associated costs.
  4. Understanding of the budgeting process and the ability to accurately estimate costs associated with aerospace projects.
  5. Familiarity with current software tools used for aerospace cost estimation, such as cost models and analytical methods.
  6. Ability to read and interpret drawings and specifications for aerospace projects.
  7. Ability to analyze historical data to develop cost estimates for complex aerospace projects.
  8. Proficiency in using computer-aided design (CAD) software and relational databases.
  9. Excellent problem-solving and critical thinking skills.
  10. Excellent communication, organizational, and interpersonal skills.

Having a strong knowledge of aerospace cost estimating is essential for success in this field, as it is the practice of forecasting and budgeting the costs of aerospace projects. This requires a deep understanding of the industry, including an understanding of the relevant components, materials, and labor costs associated with the aircraft or spacecraft being created. aerospace cost estimators must have knowledge of economic trends and industry standards in order to accurately predict the cost of a project over its lifetime.

Knowledge of aeronautical engineering principles, aircraft and spacecraft design, and manufacturing processes and regulations are also integral to the job. Finally, strong analytical and problem-solving skills are essential in order to effectively evaluate a project’s potential costs and ensure that the estimated cost is accurate. All of these skills must be combined to enable successful aerospace cost estimation and ensure that projects come in on time and within budget.

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Frequent Interview Questions

  • What experience do you have in Aerospace Cost Estimating?
  • How do you ensure that the estimates you provide are accurate and comprehensive?
  • What methods do you use to manage and track cost estimates?
  • What processes do you have in place to review/update cost estimates?
  • How do you stay up to date with industry trends and developments in Aerospace Cost Estimating?
  • How do you prioritize cost estimating tasks?
  • What challenges have you faced in Aerospace Cost Estimating, and how did you address them?
  • Describe a successful Aerospace Cost Estimating project you’ve worked on.
  • How do you manage customer expectations and meet deadlines?
  • What tools, resources, and software do you use for Aerospace Cost Estimating?

Common Tools in Industry

  1. Weight Estimation Tool. This tool is used to accurately determine the weight of an aircraft and its components through a series of calculations and estimations. (eg: Airbus A320)
  2. Cost Estimation Software. This software is used to calculate the cost of production and materials needed to build or maintain an aircraft or its components. (eg: Boeing 787)
  3. Life Cycle Costing Tool. This tool is used to estimate the total cost of ownership for an aircraft or its components over its lifetime. (eg: Lockheed Martin F-35)
  4. Risk Analysis Tool. This tool is used to identify potential risks associated with the production, operation, and maintenance of an aircraft. (eg: Embraer E-Jets)
  5. Parts Database. This database is used to store details of aircraft parts and their associated costs to help with cost estimation and budgeting. (eg: Southwest Airlines Boeing 737)

Professional Organizations to Know

  1. American Institute of Aeronautics and Astronautics (AIAA)
  2. Professional Aviation Maintenance Association (PAMA)
  3. International Council of Aircraft Owner and Pilot Associations (IAOPA)
  4. Royal Aeronautical Society (RAeS)
  5. National Business Aviation Association (NBAA)
  6. Aircraft Owners and Pilots Association (AOPA)
  7. International Air Transport Association (IATA)
  8. International Society of Air Safety Investigators (ISASI)
  9. International Association for the Exchange of Students for Technical Experience (IAESTE)
  10. International Federation of Airworthiness (IFA)

We also have Aerospace Quality Inspector, Aerospace Project Manager, and Aerospace Program Planner jobs reports.

Common Important Terms

  1. Life Cycle Cost (LCC). Life Cycle Cost is a method of cost analysis which considers all the costs associated with an item or system over its entire life cycle from design and development to decommissioning.
  2. Life Cycle Cost Analysis (LCCA). Life Cycle Cost Analysis is a method of cost analysis which considers all the costs associated with an item or system over its entire life cycle from design and development to decommissioning.
  3. Cost Model. A cost model is an analytical tool used to estimate the costs associated with an item or system over its life cycle.
  4. Cost Estimation. Cost estimation is the process of predicting the cost of a project, program, or system.
  5. Risk Analysis. Risk analysis is the process of identifying, assessing, and mitigating risks associated with a project, program, or system.
  6. Statistical Modeling. Statistical modeling is the use of mathematical and statistical techniques to analyze data and draw conclusions.
  7. Monte Carlo Simulation. Monte Carlo simulation is a computer-based technique used to simulate complex processes or systems by repeatedly generating random values and using them to calculate the probabilities of certain outcomes.

Frequently Asked Questions

What is Aerospace Cost Estimator?

Aerospace Cost Estimator is a software program used to estimate the cost of aerospace components and assemblies. It provides detailed cost breakdowns and cost estimates for a range of aerospace products and services.

What are the benefits of using Aerospace Cost Estimator?

Using Aerospace Cost Estimator can help you save time and money by providing accurate cost estimates and detailed cost break downs. It can also help you make informed decisions by providing important information such as material costs, labor costs, and other related costs.

What types of aerospace components can be estimated with Aerospace Cost Estimator?

Aerospace Cost Estimator can be used to estimate the cost of a variety of aerospace components, including airframes, engines, avionics, landing gear, interiors, and more.

How accurate are the estimates provided by Aerospace Cost Estimator?

Aerospace Cost Estimator provides highly accurate cost estimates, as it takes into account variables such as material costs, labor costs, and other related costs.

What features does Aerospace Cost Estimator offer?

Aerospace Cost Estimator offers many features, such as the ability to generate detailed cost breakdowns, compare different options, and create detailed reports. It also offers a range of data analysis tools to help you make informed decisions.

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