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13 - PRJ - Project Management


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

Code Start Date Duration Venue
PRJ 177 05 September 2022 10 Days Istanbul Registration Form Link
PRJ 177 31 October 2022 10 Days Istanbul Registration Form Link
PRJ 177 26 December 2022 10 Days Istanbul Registration Form Link
Please contact us for fees

 

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

Course Details/Schedule

Day 1

  • Introduction to Cost Estimation of Oil & Gas Projects
  • Cost Overrun in Oil & Gas Engineering and Projects
  • Cost Estimating & the Project Life Cycle
  • Project Cost Management Processes
  • The Applied Approaches for Practicing the Cost Estimation

Day 2

  • Models for Cost Estimation
  • Standards for Project Cost Estimation
  • Oil & Gas Cost Estimation Software Overview
  • Introduction to Prince2 Methodology, PMI Standard & Monte Carlo Simulation
  • WBS & WBS Dictionary

Day 3

  • Project Schedule & Staffing Management Plan
  • Risk Register
  • Analogous Estimating
  • Determine Resource Cost Rates
  • Bottom-up Estimating

Day 4

  • Parametric Estimating
  • Cost Evaluation of Equipment in Oil & Gas Industry
  • Handling Risk in Cost Estimation
  • Mean-Squared Error the Least Flawed Approach
  • The Primary Data of the Project for Preparing the Estimation

Day 5

  • Practicing Estimation Approach
  • Define the Estimation Threshold for the Project
  • Vendor Bid Analysis
  • Reserve Analysis
  • Cost Quality

Day 6

  • Activity Cost Estimates
  • Activity Cost Estimate Supporting Detail
  • Requested Changes
  • Consider the Points to be Updated During Project Execution
  • Project cost estimation example

Day 7

  • Cost Estimation of Process Equipment
  • Cost Estimation of Pipeline
  • Cost Estimation of Floating Roof Tank
  • Material Supply in Projects

 

Day 8

  • Material Supply Internal Source (Local)
  • Contingency Reserve Analysis
  • Analogous Approach
  • Cost Distribution Using Analogous Estimation
  • Bottom-up Approach

Day 9

  • Parametric Approach
  • Identifying the Best Approach for Estimating the Project Cost
  • CapCost Software for Cost Estimation & Management
  • Risk Evaluation & Contingency Determination
  • Estimate Documentation

Day 10

  • Estimate Reconciliation
  • Estimate Review & Validation
  • Estimate Reporting
  • Estimate Closeout