An Intensive 5-day Training Course
Economic & Technical Evaluations in Engineering & Maintenance Projects
Modelling and Predictive Cost Analysis
Course Introduction
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 understands 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 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.
Objectives
To provide you with:
- A fundamental understanding of financial and accounting principles, terms, techniques, and best practices
- The tools you need to perform financial evaluations and justify your own project to corporate management
- A fundamental understanding of the technical aspects that should be considered in technical evaluations of projects to ensure their technical viability, mechanical integrity and compliance with applicable regulations, codes, and standards
Training Methodology
- The training course combines presentations and discussions of topics covered with relevant examples
- It combines sound engineering and economic principles, methods, and best industry practices and enforces the learning’s with Case Studies and Question & Answer workshops to maximize the benefits to the participants. Participants will work in groups to perform practical technical and economic evaluations
- Participants will be provided with comprehensive course notes and copies of presentation material that will be very valuable for detailed study and future reference
Organisational Impact
- The company will be able to implement fit-for-purpose projects solutions that are both technically sound and cost-effective
- Technical and financial resources can be allocated to projects based on their ranking and cost effectiveness
- Heightened business focus among staff will result in operational and financial performance improvements
Personal Impact
- Participants will enhance their understanding of the time value of money and life cycle cost principles
- Participants will learn how to perform key project analyses including technical, economic, and environmental evaluations
- Participants will add to their ability to evaluate the economic and technical impacts of alternative maintenance strategies and methods on maintenance projects and to select the optimum alternative for the specific application while complying with regulatory requirements
- Participants will gain a working knowledge of the various cost estimating methods and how to prepare timely cost estimates that are fit for purpose
- Participants will broaden their technical knowledge base and understand the economic impact of their technical decisions leading to increased contributions in project profitability, technical integrity and reduced downtime
- Participants will enhance their competence and productivity thereby improving their performance level and making additional value added contributions to their organizations
Who Should Attend?
This Economic & Technical Evaluations in Engineering & Maintenance Projects training course is pitched to appeal to professionals with a large range of technical and industrial backgrounds and varying levels of experience seeking to broaden their skills and abilities in economic and technical valuation techniques required across industry.
Design, project, maintenance, and plant engineers, supervisors and professionals in the manufacturing, chemical processing, petrochemical, power, food, and other process industries. New graduates will benefit within the short period of two days from the extensive practical experience of the instructor.
Course Outline
Day One
Project Initiation and Development
- Overview
- Definitions of terms used in project development, analysis, and management
- Project types and sizes
- Project definition, scope and drivers
- Project Management Process
- Key issues in project analysis
- Models of project development
- Project evolution and life cycle
- Basic seven phases of a project
- Common three main phases of a project
- Project definition
- Project development
- Project execution and control
Day Two
Technical Evaluation Analysis
- Project Risk and Contingency Analysis
- Key issues in project analysis
- Analysis of project technical and engineering aspects
- Applicable regulations, codes, standards - design and construction, HSE
- Mechanical integrity, management of change
- Environmental analysis
- Consideration on environmental aspects
- Applicable regulations and specifications
- Due diligence
- Project risk considerations
- Types of Risks Associated with Projects
- Risk assessment methods and recommended practices
- Risk Management and Contingency
Day Three
Economic Evaluation Analysis
- Objectives of economic evaluation analysis
- Definitions and overview
- Typical categories of engineering economic decisions
- Economic (financial) evaluation
- Introduction
- Basic concepts of economic evaluation
- Economic evaluation methods – static and dynamic
- Capital equivalent of energy and maintenance savings
- Principles of time value of money and the discount rate
- Discounted Cash Flow (DCF) Calculation - Definitions and premises
- Project Cash Flow Components
- Discounting and time-value considerations
- Distinguishing cash flow and other measures of profitability
- Cost of capital and inflation issues
- Capital budgeting techniques and best practices
- Methods of computing time-value of money
- Methods of ranking investment proposals
- Non-Discounted Cash Flow Methods
- Discounted Cash Flow Methods
- Profitability Index (PI)
Day Four
Business Focused Facilities
- Business-Focused Facilities (BFF)
- Economic interpretation of engineering work
- Fundamental BFF principles
- Life-cycle (total) cost analysis
- Basics of Life Cycle Cost (LCC) Analysis
- LCC Models - SAE model
- Life-Cycle Management (Value Management)
- Effective Life-Cycle Management Tools
- Engineering economics
- Remaining life estimates
- Statistical analysis
- Opportunity costing
- LCC Calculation Procedures
- Project cost estimating
- Types of estimates, accuracy
- Estimating methods
- Cost indices and economic indicators
- Direct and indirect costs
- Computer based estimating
- Equipment sizing and costs
- Power Sizing Model
- Rough estimates
- Semi-detailed estimates
- Detailed estimates
Day Five
Evaluation of Maintenance Projects
- Types of maintenance projects
- Complete turnarounds – extent, frequency
- Opportunistic minor turnarounds
- Specialized repair methods
- Replacement in kind and improvement opportunities
- Specialized Inspection Projects – Application and frequency
- Concept of component life
- Introduction
- Physical life
- Economic life
- Technical life – technical obsolescence
- Technical evaluation of maintenance projects
- Key project characteristics and special requirements
- Fitness-For-Service Assessments (FFS)
- Alternative repair strategies and methods
- Alternate repair technologies and procedures
- Management of change
Certificate
On successful completion of this training course, Oxford Management Centre Certificate with eligible Continuing Professional Education credits (CPE) from National Registry of CPE Sponsor will be awarded to the delegates
Accreditation
In association with
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FREQUENTLY ASKED QUESTIONS
Yes, we provide assistance in securing both hotel reservations & entry visa on all our international training venues, for delegates attending our training courses. For further information / assistance, please contact our Customer Service at:
- Telephone: +971 50 985 0174
- E-mail: info@oxford-management.com
Yes, Oxford Management Centre is accredited by the following professional bodies;
National Association of State Board of Accountancy (NASBA)
The Oxford Management Centre is registered with NASBA as a sponsor of Continuing Professional Education (CPE) on the National Registry of CPE Sponsors. NASBA have final authority on the acceptance of individual courses for CPE credit.
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Note: Discounts are not applicable with any other special offer that may be available.
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Oxford Management Centre reserves the right to make reasonable adjustments to course content, trainers, or schedules where necessary, without entitling delegates to a refund. Full details of each course – including objectives, target audience, and content – are clearly outlined prior to enrolment, and it is the responsibility of the delegate to ensure suitability before booking.
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For more information request, email info@oxford-management.com or call +971 50 985 0174.
The classroom training fees include course presentation, relevant materials, physical & digital documentation, lunch and refreshments served during entire training. Accommodation and transportation are not included in the training course fees.
While, online training fees cover the course presentation and digital documentation and relevant materials.
The Oxford Management Centre Certificate of Completion with corresponding CPE credits shall be awarded to delegates who has successfully completed the training course.
Payment must be received before the training course commences. You can make payment by bank draft, cash, credit card or wire transfer.
Note: If the payment is not received, Oxford Management Centre has the right to refuse admission.
Upon receipt of your registration form, we will send you the following by e-mail:
- Registration Confirmation
- Invoice/Receipt (where appropriate)
If you register online you will receive an e-mail within 24 hours confirming your registration.
