Develop Cost Estimates for Capital Projects

This course will help you prepare for the certification exam and the exam fee is waived with this course.
Learn how to obtain detailed EPC estimate from minimal input in a fraction of the time required by traditional methods. Use Aspen Capital Cost Estimator to evaluate your company's projects and maximize return on investment. Reduce estimation variability by adopting a consistent methodology. Make adjustments to project estimates according to local area conditions and reduce potential decision-making risks.

Audience:

Project engineers, cost estimators, and discipline engineers new to Aspen Capital Cost Estimator.

Training Details

  • Course Id:

    EEE101

  • Duration:

    4 day(s)

  • CEUs Awarded:

    2.8

  • Level:

    Introductory

Benefits

  • Use Aspen Capital Cost Estimator to evaluate your company's projects and maximize return on investment 
  • Build, interpret, and revise estimates in a fraction of the time required by traditional methods
  • Make adjustments to project estimates according to local area conditions and reduce potential decision making risks
  • Use system documentation to promote consistent cost estimating methodologies and reduce estimation variability
  • Learn how the various specifications levels input impact final cost
  • Maximize your ability to produce consistent, reliable estimates and reduce the risk involved in making decisions

Approach

  • Instruction on basic topics
  • Discuss general approach to building a project/estimate and the key elements for successful usage
  • Participate in instructor-guided demonstrations which show how the product features contribute to efficient estimate preparation
  • Hands-on workshops provide students with many opportunities to use the product and to apply concepts learned in seminar sessions
  • Detailed course notes

Subsequent Courses

  • EEE102 Introduction to Aspen Process Economic Analyzer
  • EEE103 Introduction to Aspen In-Plant Cost Estimator
  • EEE201 Aspen Capital Cost Estimator: Advanced Topics

Agenda

Aspen Economic Evaluation Technology
  • Summarize the Aspen Economic Evaluation products and technology
  • Introduce the Aspen Capital Cost Estimator (ACCE) concepts
Definition of the Project Scope
  • Discuss how project specification and project components are used to define the project scope
  • Review the levels of input in Aspen Capital Cost Estimator
Graphical User Interface (GUI)
  • Familiarization with the Aspen Capital Cost Estimator graphical user interface (GUI) 
Project Basis View
  • Implement project basis and scope specifications via Standard Basis Files and Template File
  • Workshop 1: Entering Project Basis Information
Project Components
  • Discuss how the Aspen Capital Cost Estimator system develops construction labor man-hours
  • Introduction to specifying process equipment
  • Explain how Aspen Capital Cost Estimator generates equipment costs and designs
  • Generate cost and design reports using the Aspen Icarus reporting feature
  • Workshop 2: Multiple Diameter Tower Alloy Study 
  • Workshop 3: Equipment List 
Volumetric Model and P&IDs
  • Explain the built-in ACCE volumetric model and equipment P&IDs and how they affect equipment costs and labor requirements
  • Workshop 4: Revise and Modify Installation Bulks
Installation Options
  • Modify installation details and options for process equipment models
  • Workshop 5: Installation Options
Area Arrangement and Importing
  • Use Areas and Report Groups to customize project scope and definition
  • Workshop 6: Area Arrangement and Importing
Installation Bulk Piping vs Plant Bulk Piping
  • Understand the difference between installation bulk piping and plant bulk piping
  • Understand how to add plant bulk items such as bulk piping and pipe racks
  • Workshop 7: Installation vs Plant Bulk Pipe
Quoted Equipment & Material/ Man-hour Additions 
  • Define quoted equipment, material, and labor costs within an Aspen Capital Cost Estimator project
  • Workshop 8: Quoted Equipment & Material Man-hour Additions
Buildings and Site Development
  • Understand how to Index Code of Accounts
  • Understand the three levels of indexation ACCE has
  • Workshop 9: Modify Pipe Rack Costs Using COA Indexing
Material and Man-hour Indexing
  • Add plant bulk items such as bulk piping, pipe racks, and site lighting/wiring
  • Workshop 10: Modify Pipe Rack Costs Using COA Indexing
Spreadsheet Export/Import
  • Discuss the import/export spreadsheet, which enables sharing of data with third-party applications
  • Discuss project standards, enabling consistency and reliability among estimates
Equipment Model and Unit Cost Libraries
  • Introduce Cost Libraries (Unit Cost and Equipment Model) as options for user specification of project-related costs
  • Workshop 11: Equipment Model Library
Custom Models
  • Briefly discuss Custom Models, which enable user customization of project components and bulks
Piping Procedures
  • Differentiate between field and shop piping fabrication procedures in Aspen Capital Cost Estimator 
  • Define and implement custom piping specifications
  • Workshop 12: Custom Piping Specifications
Plant Layout and Key Distances
  • Discuss how ACCE interprets key distances within a process facility and how these affect a project estimate
Process Control and Power Distribution Networks
  • Show setup requirements for power distribution and process control options and methodology using ACCE
  • Workshop 13: Defining a Process Control Network
  • Workshop 14: Defining a Power Distribution Network.
  • Incorporate acquired skills into a cumulative, detailed project estimate
  • Workshop 15: Build a Plant
Extending ACCE into Detailed Estimating
  • Make detailed adjustments to a project using Unit Rate Estimating
  • Workshop 16: Make Adjustments to a Project Using Unit Rate Estimating
Contracts
  • Investigate contract/contractor structure options and how they apply to ACCE projects
  • Workshop 17: Define a Contract Structure
Construction Labor and Equipment Rental 
  • Discuss construction equipment rental and learn how to modify rental equipment for your project
Engineering
  • Review how the system generates project engineering costs and adjust them towards specific projects
Project Schedule
  • View system-generated project schedules and learn which program options affect the schedule
  • Workshop 18: Project Schedule and Equipment Rental
Risk Analysis
  • Apply Risk Analysis to ACCE evaluation results to determine the projects contingency
  • Workshop 19: Calculate Project Contingency
ACCE Insights
  • Discuss the new workflow enabled by ACCE Insights.
  • Integrate the estimation parties to obtain a better and faster decision making for the project
Plant Turn Around
  • Discuss Aspen Capital Cost Estimator’s default volumetric model and how to toggle it off for turnaround projects.
  • Discuss the differences between the M and N option to suppress volumetric model  

 

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Aspen Technology, Inc. awards Continuing Education Units (CEUs) for training classes conducted by our organization. One CEU is granted for every 10 hours of class participation.