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3 - PRJ - Project Portfolio Management

PRJ 177 - Oil and Gas Engineering and Project Estimation (10 Days)

Course Description

This course is designed to provide participants with a detailed and up-to-date overview of Oil & Gas Engineering and Projects cost estimation. It covers the cost overrun, cost estimating and project life cycle; the cost management processes, applied approaches for practicing the cost estimation and models for cost estimation; the standards for project cost estimation and oil and gas cost estimation software overview; the Prince2 methodology, PMI standard and Monte Carlo simulation; the WBS and WBS dictionary; and the project schedule and staffing management plan. 

Further, this course will also discuss the risk register, analogous estimating and resource cost rates; the bottom-up estimating, parametric estimating and cost evaluation of equipment in oil and gas industry; and to handle risk in cost estimation and mean-squared error as the least flawed approach; the primary data of the project for preparing the estimation; the estimation approach and estimation threshold for the project; the vendor bid analysis, reserve analysis and cost quality; and the activity cost estimates and cost estimating. 

Course Objectives

• Apply and gain an in-depth knowledge on cost estimation of Oil & Gas Engineering and Projects Estimation
• Discuss cost estimation of Oil & Gas Engineering and Projects Estimation including cost overrun, cost estimating and project of life cycle
• Illustrate the cost management processes, applied approaches for practicing the cost estimation and models for cost estimation
• Review the standards for project cost estimation as well as oil and gas cost estimation overview, Prince2 methodology, PMI standard and Monte Carlo simulation
• Define WBS and WBS dictionary and apply project schedule and staffing management plan
• Recognize risk register, analogous estimating and resource cost rates
• Carryout bottom-up estimating, parametric estimating and cost evaluation of equipment in oil and gas industry
• Handle risk in cost estimation and mean-squared error as the least flawed approach
• Apply primary data of the project for preparing the estimation and practice the estimation approach
• Define estimation threshold for the project and carryout vendor bid analysis, reserve analysis and cost quality
• Employ activity cost estimates and identify its supporting detail
• Review requested changes, consider the points to be updated during project execution and apply cost estimation of Equipment.
• Identify the material supply in EPC projects and internal source (local)
• Apply contingency reserve analysis, analogous approach and cost distribution using analogous estimation
• Identify the best approach for estimating the project cost 
• Employ risk evaluation, contingency determination and estimate documentation, reconciliation, review, validation, reporting and closeout
• Discuss the latest development in Oil & Gas Engineering and Projects Estimation

Who Should Attend?

• Engineers 
• Managers
• those who work incontracts and maintenance departments and sections