Engineering and maintenance projects call for complex engineering and business trade-offs 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 understand 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.
This Economic & Technical Evaluations in Engineering & Maintenance Projects training course covers the basics of project development and management. It begins with the 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.
The technical viability of a project, whether it involves new facilities or a repair method, must be ensured before the economic evaluation starts. The training 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.
This Economic & Technical Evaluations in Engineering & Maintenance Projects training 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 to your specific questions.
At the end of this course the participants will be able to:
Overview:
Definitions of terms used in project development, analysis, and management
Project types and sizes:
Phase 1: Concept generation – potential ways of achieving project mission
Phase 2: Project definition - one option is selected and developed
Phase 3: Project implementation – continues through construction to the hand-over of the completed project
Project Management Process
Project definition
Project development
Project execution and control
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