4 days PGP/EMCOU-E
- Project engineers and managers, engineering contractors, equipment and services providers.
- Estimate and control the cost of oil and gas projects.
- To estimate the cost of a project at various stages, using an accurate database.
- To evaluate the accuracy of this cost estimate and the main risks of cost overrun.
- To control the cost of a project during execution.
Ways and means
- Each type of estimating method is illustrated by a practical cost estimating exercise.
- Some applications may be done with Excel spreadsheets.
- Use of Internet references (AACEI, Oil&Gas Journal, well-known software tools and databases).
- Group discussions to share feedback experience from participants on actual projects.
Course consistent with the PMI standards and the 5th edition of the PMBOK. PDUs: 24
Project stage-gate process 0.5 day
- Reminder of the process and of the main stages. Purpose of a project. Definitions. Importance of cost control.
- Economic and HSE justification. Cost types. Capital vs Expense. CAPEX vs OPEX.
Project cost estimating methods 2.5 days
- Cost references, estimating classes (AACEI). Direct and Indirect costs. Work Breakdown Structure.
- Project Initiation stage
- Order of magnitude estimate (Chilton factors). Typical accuracy and traps. Factored estimate (Lang/Guthrie factors). Escalation and inflation, Nelson-Farrar indices, localization factors.
- FEED & contracting stages
- Semi detailed estimate, detailed estimate. Key role of engineering studies.
- Elements needed for final approval by Owner and EPC contract endorsement.
- Estimating the cost of main equipment, of works, of engineering services. Owner costs.
- Available software packages and databases. Importance of feedback.
- Cost risk analysis
- Project risk identification and evaluation. Potential impact on cost estimate. Action plan.
- Allowances and contingencies, evaluation through statistical and deterministic methods.
Cost control 1 day
- Principles and purpose of cost control. Responsibilities of Owner and EPC Contractor.
- Cost reporting: cost report, frequency, consistency with budget and WBS, presentation. Cost to complete.
- Understanding of the various types of cost changes, relationship between cost and schedule progress. Cost forecast.
- Cost reduction: cost estimate optimization, value engineering. Cost reduction during execution. Action plan monitoring.
- Change management: impact of changes. Evaluation and management of changes and deviations to standards.
2016 course calendar
|Oct 04 - 07||Martigues||€2,120||Online||By email|