Course Description
This comprehensive 5-day course provides in-depth knowledge and practical skills for cost estimation and control in petrochemical plant projects. Participants will learn industry-standard methodologies, best practices, and advanced techniques to accurately estimate costs, manage budgets, and implement effective cost control strategies. The course combines theoretical concepts with real-world case studies and hands-on exercises.
Learning Objectives
- Master various cost estimation techniques specific to petrochemical plant projects
- Develop skills to create accurate and reliable cost estimates at different project stages
- Learn to implement effective cost control measures throughout the project lifecycle
- Understand risk assessment and contingency planning in cost estimation
- Gain proficiency in using industry-standard software tools for cost estimation and control
Course Modules
Day 1: Introduction to Cost Estimation in Petrochemical Projects
- Overview of petrochemical plant projects and their unique challenges
- Types of cost estimates and their accuracy levels
- Cost estimate classification systems (AACE, ANSI)
- Key factors influencing cost estimation in petrochemical projects
Day 2: Cost Estimation Methodologies
- Factor estimating method and its application
- Parametric estimating techniques
- Quantity take-off and unit rate estimating
- Resource-based estimating for labor and equipment
Day 3: Advanced Cost Estimation Techniques
- Monte Carlo simulation for cost risk analysis
- Estimating brownfield project costs
- Life cycle cost analysis for petrochemical plants
- Value engineering in cost estimation
Day 4: Cost Control Strategies
- Developing project budgets and cost baselines
- Earned Value Management (EVM) principles
- Change management and cost impact analysis
- Progress measurement and forecasting techniques
Day 5: Tools and Best Practices
- Industry-standard software tools for cost estimation and control
- Data management and cost databases
- Benchmarking and continuous improvement in cost estimation
- Case studies and practical exercises
Practical Wins for Participants
- Ability to create accurate cost estimates for petrochemical plant projects using various methodologies
- Skills to implement effective cost control measures and manage project budgets efficiently
- Proficiency in using industry-standard software tools for cost estimation and control
- Enhanced decision-making capabilities for project financial management
Credits: 5 credit per day
Course Mode: full-time
Provider: Blackbird Training Centre
