Engineering and maintenance projects call for complex engineering and business tradeoffs with due regard to compliance with regulatory and code requirements. A sound understanding of the key aspects of project objectives, drivers, constraints, and profitability is crucial for the success of a project. Fast-track schedules demand faster, more accurate technical and economic decisions earlier in the design process, when engineers and business managers least understands project costs. Consequently, many process facilities cost more than they should.
Using the appropriate evaluation techniques and skills, engineering and economic decisions can be reached faster, more accurately, and with greater confidence, avoiding costly project delays and potential rework.
In cases where there is competition for resources between several technically viable projects, cost and schedule factors play a key role in ranking the projects based on their profitability. Similarly, costs and schedules have a major impact on the selection of the most cost effective maintenance option from among several alternatives such as repair/replace or long/short term repairs.
The course covers the basics of project development and management. It begins with Project initiation and development phases and progresses through the project execution and control phase. It highlights the cost considerations and the degree of influence on costs in each phase.
Technical viability of a project, whether it involves new facilities or a repair method, must be ensured before the economic evaluation starts. The course presents the technical fundamentals and provides guidelines and procedures for conducting technical evaluations.
The time value of money and life cycle cost concepts are essential aspects of economic evaluations. These topics will be covered in detail with the use of a number of worked examples.
The course will comprise lectures and workshops that incorporate a number of short exercises to reinforce the key techniques discussed to maximize your benefits. Additionally, an optional “Question and Answer” period will provide you with opportunities to get expert answers on your specific questions.