CAPITAL PROJECT COST ESTIMATION OF PETROLEUM CAPITAL PROJECTS WITH COMMERCIAL SOFTWARE

  • July 27, 2020 - July 31, 2020
    8:00 am - 5:00 pm

Course Length:    5 Days         Course Dates:     July 27 – 31, 2020         Course Venue:      Calgary, Alberta, Canada

Course Description:

This course will highlight how to obtain detailed petroleum capital project cost estimates from minimal input fraction of the time required by traditional methods. It presents fundamental principles of simulation tools which are available in the market and present the use of consistent methodology to reduce estimation variability. The course also covers the use of commercial cost estimator to evaluate petroleum capital projects and maximize return on investments.  Case studies will be provided to illustrate the field applications and how to make adjustments to project estimates based on local area conditions and reduce potential decision making risks

Who Should Attend?

This course is designed for project investors/owners, project directors, project managers, project engineers, cost estimators, cost controllers, planners, project accountants, project risk managers, financial analysts

What You Will Gain:

  • Understand how to build, interpret and revise estimates in fraction of the time required by traditional methods
  • Learn to use commercial cost estimator to perform detailed cost estimates, perform cost tracking, evaluate petroleum capital projects and maximize return on investments
  • Capability to generate consistent and reliable cost estimates in all phases of project lifecycle
  • Learn to make adjustments to project estimates according local area conditions and reduce potential decision making risks
  • Learn to use system documentation to promote consistent cost estimating methodologies and reduce estimation variability

Course Outline:

  • Introduction to capital cost estimating concepts. Description of activity-based costing methodology
  • Familiarization with commercial cost estimator software graphical user interface
  • Elements of cost estimating model structure & modeling cost using commercial cost estimation software. Introduction to workflows for creating and building detailed project cost models
  • Best practices to build a project cost estimates and the key elements for successful estimates
  • Hands-on workshops to provide participants with many opportunities to use commercial cost estimation software and apply learned concepts to daily estimating demands. Project cost libraries
  • Accurate project cost estimation and profitability management
  • Working with project cost model data and performing what-if analysis
  • Case Studies. Reflection & Overall Summary

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