Economic & Technical Evaluations
in Engineering & Maintenance Projects

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 GLOMACS 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.

Technical viability of a project, whether it involves new facilities or a repair method, must be ensured before the economic evaluation starts. The training course presents the technical fundamentals and provides guidelines and procedures for conducting technical evaluations.

The time value of money and life cycle cost concepts are essential aspects of economic evaluations. These topics will be covered in detail with the use of a number of worked examples.

This GLOMACS Economic & Technical Evaluations in Engineering & Maintenance Projects training course will comprise lectures and workshops that incorporate a number of short exercises to reinforce the key techniques discussed to maximize your benefits. Additionally, an optional “Question and Answer” period will provide you with opportunities to get expert answers on your specific questions.

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 GLOMACS 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.