Duration: 1 Weeks

Course Objectives

This course is designed to equip participants with the methodologies and tools, skills and attitudes to develop cost estimations in relation to various activities within E & P business, including management, design and construction projects. Participants will learn ‘what to do’, ‘how to do it’ and ‘why’.

Who Should Attend?

This course is developed for economists and engineers specifically personnel involved with project and proposal estimation as well as operations, scheduling and planning.

Prerequisite Courses

None

Course Overview

Introduction to Cost Estimation

Cost Estimation and COCOMO

Projects and Project Life Cycle

Budgets
Sizing and Work

Breakdown Structure
Project

Documentation and Scope Issues

Cost Concepts (COSYSMO) and Bayesian approximations

Project Technical Planning

Estimating

Project Cost Control, Managing Change, Contracts and Tenders for Estimation

Procurement – Total Cost of Ownership

Probabilistics Analysis and Evaluations

Decision Analysis and Value Based Engineering

Enablers and Barriers for Process Improvement

Risk Estimation and Project Management including cost estimation guidance

Economic Principles for Estimation

Earned Value Analysis

Business Models and Modelling

Learning Outcomes

By the end of this course participants will be able to -

Introduction to and building awareness of cost estimating

Understanding what comprises Projects and Project Life Cycle

Understanding of Budgets

Complete Work Breakdown Structures

Understand the nature of Project Documentation and Scope Issues

Complete and participate in Project Technical

Be able to participate and be fully involved in all aspects of Estimating

Course Materials

The training course will consist of tutor led presentations/discussion, case studies,
practical exercises and DVD viewing and review, where applicable.