Course Description
Course Duration: Five Training Days
Course Language: Arabic or English
Include:
Scientific material with TAB
Workshops
Reception and farewell at the airport
Daily lunch
Coffee Break
Introduction
Cost Engineering has grown to end up a crucial issue of challenging price management. In the petroleum enterprise, challenge capital expenditure (CAPEX) is huge; and frequently related to engineering layout and construction. Cost engineering is an obvious 'business side' of any engineering subject and vitally so, such that price (funding spending) ought to be 'engineered’. To powerful control engineering tasks (through turning in them inside finances & on time), it has ended up vital that price engineering principles & exercise be emphasized; that is the motive for the layout of this path. This path is designed to permit contributors to arrive at correct and modern-day price estimates thru their know-how of price analysis, price assessment, challenge making plans challenge chance assessment, and layout-to-price. The Total Cost Management (TCM) ideas are relevant to the portfolio of assets & tasks withinside the petroleum enterprise thru challenge Management ideas may be a part of this path delivery. Emphasis may also be on Cost Analysis, Cost Estimation & Control thru relevant & powerful tracking techniques. This application is geared toward engineers, economists, planners & accountants who might be in the rate of price verification, price benchmarking, and challenge or asset price management and finances tracking. The application may be introduced in the study room putting over 5 days and could appoint applicable case research and class/institution physical activities similarly to exposing attendees to numerous frameworks, guidelines, and ideal worldwide Standards as prescribed through each AACE International and ACostE of UK.
Who Should Attend?
Cost Engineers
Project Control Engineers & Project Managers
Planning Dept Engineers
Cost Accountants
Quantity Surveyors
Construction Engineers & Supervisors
Contact Management Staff
Course Objectives:
At the end of this course the participants will be able to:
Proactively manage costs
Seek opportunities for cost reduction
Effectively control costs
Make better use of cost budgets, plans and forecasts
Understand project appraisal
Control costs with projects
Course Content
Unit 1: Cost Engineering Principles & Fundamentals
Unit 2: Engineering Materials
Process Technological Requirements
Facilities Design
Cost Considerations for the Petroleum Industry
Unit 3: Cost Estimation:
Cost Estimating Methods & Process for Capital Projects & Services (Basis of Estimate - BOE)
Importance of Cost Estimation to Project Feasibility, Financing Risk Management Decision for Facilities Acquisition
Cost Estimation Methods: Stochastic or Deterministic.
Definitive vs. Order of Magnitude Estimates.
Classification of Cost Estimate.
Cost Estimation Best Practice: Cost Modelling, Validity of applicable data, Labor Project Time, Inflation, and Estimations: Technology & Uncertainties.
Unit 4: Engineering Economics
Economic Rates & Ratios
Time Value of Money
The Notion of Discounted Cash flow (DCF & IRR)
Opportunity Cost of Engineering Projects & Project Ranking
Non-Economic Project Attributes (Corporate & Public Image, Aesthetics/Style & Colour)
Financing Options
Unit 5: Strategic Asset Management/Portfolio & Management:
Project Monitoring
Project Performance Measurement
Budgeted Cost vs. Work Performed
Unit 6: Project Cost Management
Cost Monitoring
Cost Control & Cost Containment
The Role of Project Planning & Scheduling in Cost Management
Planning & Scheduling including:
Work Breakdown Structure
Critical Path Analysis for Cost Engineering & Cost Management.