Petrochemical Plant Projects Cost Estimation & Control Event, 12.May.2025

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