Use Cost Estimation Tool for Process Simulations

Course Id:  EEE102   |   Duration:  3.00 day(s)   |   CEUs Awarded:  2.1   |   Level:  Introductory

Course Objective

Learn to develop an economic evaluation and proposed design using Aspen Process Economic Analyzer. Obtain detailed design results for both equipment and installation bulks with minimal input, and by integrating operating cost, capital cost, and schedule. Learn to analyze different process alternatives in simulation and determine the more profitable approach. Learn to show the utility usage for your process. Learn to adjust construction wages and to adjust the system calculations to reflect your local cost.

Course Overview

  • Use existing simulation models to evaluate project economics and maximize your return on investment
  • Learn to develop an economic evaluation and proposed design using Aspen Process Economic Analyzer
  • Obtain detailed design results for both equipment and installation bulks with minimal input, and by integrating operating cost, capital cost, and schedule
  • Learn to analyze different process alternatives in simulation and determine the more profitable approach

Benefits

  • Maximize your company’s return on investment (ROI) and reduce the risk involved in making decisions
  • Define your project more accurately by integrating operating cost, capital cost, and schedule
  • Reduce estimation variability by adopting a consistent methodology
  • Increase costing accuracy by generating detailed reports for analysis, traceable to line items not lump sums of money
  • Evaluate various design options based on cost considerations and identify lowest cost designs

Audience

  • Process, project, plant or research and development engineers, and technology licensors who need basic training to get started as primary users of Aspen Process Economic Analyzer
  • Estimators and discipline engineers, who as secondary users of Aspen Process Economic Analyzer, need some basic training

Approach

  • Instruction on basic topics
  • Discussion about the general approach and the key elements for successful simulations and estimates
  • Instructor-guided demonstrations of features
  • Hands-on workshops that apply learned concepts
  • Detailed course notes

Subsequent Courses

  • EEE101: Introduction to Aspen Capital Cost Estimator
  • EEE103: Introduction to Aspen In-Plant Cost Estimator

Class Schedule

Class Agenda

EEE102: Use Cost Estimation Tool for Process Simulations

Fundamentals of Economic Evaluation

  • Overview of Aspen Economic Evaluation products and technology
  • Introduction to Aspen Process Economic Analyzer (APEA) concepts
  • Discussion of the fundamentals of economic evaluation using aspenONE technology

Integrated Economics
  • Introduce and explore Integrated Economics within Aspen Plus and Aspen HYSYS, using APEA as the economic module
  • Workshop 1: Fundamentals of Economic Evaluation

Calculation of Utility Costs
  • Identify and explain how Aspen Plus and Aspen HYSYS utilities are incorporated into the integrated economics calculations/results
  • Workshop 2: Calculation of Utility Costs

Materials of Construction
  • Learn how to define preferred utilities, materials of construction, and process equipment models for Integrated Economics
  • Workshop 3: Materials of Constructions

Unit Operation Mapping
  • Use project component mapping to directly specify different equipment for a given unit operation
  • Workshop 4: Unit Operation Mapping

Graphical User Interface (GUI)
  • Familiarization with the GUI access and navigation
  • Workshop 5: Start a New Project

Creating a Project Basis
  • Implement project basis and scope specifications via Standard Basis Files and Template Files
  • Workshop 6: Create a basis for your project
  • Workshop 7: Start a New Project – With Simulator Data

Material Stream Data
  • Perform  economic calculations using simulation values or user added streams
  • Workshop 8: Define Raw Material and Product Streams

Developing Components
  • Learn how to map and size components, run evaluations, and report alternatives
  • Workshop 9: Develop Components and Run Reports

Investment Analysis
  • Understand and implement investment parameters and review short and long-term economic performance of a project
  • Create and study alternative project scenarios for comparison of process alternatives
  • Workshop 10: Evaluation Of A Flowsheet and Using The Reporting Assistant
  • Workshop 11: Evaluate Alternative Scenarios; Part A

Physical Property Data
  • Discuss how Aspen Process Economic Analyzer uses physical properties of streams
  • Create and study alternative project scenarios for comparison of process alternatives
  • Workshop 12: Evaluate Alternative Scenarios; Part B
  • Workshop 13: Investigate Stream Data

Heat Exchanger Sizing
  • Discover the equipment sizing capabilities of Aspen Process Economic Analyzer and which assumptions are made
  • Study of alternative process utilizes and equipment configurations, and how those influence project cost
  • Workshop 14: Use Alternate Heating Utilities

Mapping Configurations and Equipment Sizing
  • Analyze in detail the component mapping techniques employed by APEA
  • Workshop 15: Investigate Tower Configuration

Project & Component Costs
  • Share data between APEA projects using built-in component importing functionality
  • Workshop 16: Explore PFD and Graphically Add Components

APEA Project Design Systems
  • Learn about the variety of project costs and considerations handled by Aspen Process Economic Analyzer

Revising Your Project Basis Using Preset Contractor Profiles
  • Discuss how profile pre-set values may be modified using Aspen Capital Cost Estimator

Area Concepts
  • Discuss areas in APEA and how they can be used to represent actual equipment installation locations in the field

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.