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3 - PRJ - Project Portfolio Management
PRJ 177 - Oil and Gas Engineering and Project Estimation (10 Days)
| Code | Start Date | Duration | Venue | |
|---|---|---|---|---|
| PRJ 177 | 09 December 2024 | 10 Days | Istanbul | Registration Form Link |
| PRJ 177 | 24 February 2025 | 10 Days | Istanbul | Registration Form Link |
| PRJ 177 | 21 April 2025 | 10 Days | Istanbul | Registration Form Link |
| PRJ 177 | 16 June 2025 | 10 Days | Istanbul | Registration Form Link |
| PRJ 177 | 11 August 2025 | 10 Days | Istanbul | Registration Form Link |
| PRJ 177 | 06 October 2025 | 10 Days | Istanbul | Registration Form Link |
| PRJ 177 | 01 December 2025 | 10 Days | Istanbul | Registration Form Link |
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
