Creating and Interpreting Project Cost Estimates for Small Capital Projects

Course Id:  EEE103   |   Duration:  3.00 day(s)   |   CEUs Awarded:  2.1   |   Level:  Introductory

Course Objective

Learn how to develop in-plant design, estimate and schedule using Aspen In-Plant Cost Estimator. Reduce estimation variability by adopting a consistent methodology.

Course Overview

  • Learn to create and build detailed project estimates using Aspen In-Plant Cost Estimator
  • Learn how to use the Aspen In-Plant Cost Estimator system more effectively, tailoring it to specific project estimates


  • Learn how to use Aspen In-Plant Cost Estimator to evaluate your company's projects
  • Maximize your company's return on investment (ROI) and reduce the risk involved in making decisions
  • Compose specific outline scope definitions for Aspen In-Plant Cost Estimator projects
  • Obtain in-plant designs and estimates from minimal input in a fraction of the time required by traditional methods
  • 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
  • Make adjustments to project estimates according to local area conditions
  • Use system documentation to improve estimate consistency and reliability


Project Managers and Engineers, Plant Engineers, Plant Estimating Managers, Plant Estimators, Engineering Managers new to Aspen In-Plant Cost Estimator


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

Subsequent Courses

  • EEE101¬†Introduction to Aspen Capital Cost Estimator
  • EEE102¬†Introduction to Aspen Process Economic Analyzer

Class Schedule

Class Agenda

EEE103: Creating and Interpreting Project Cost Estimates for Small Capital Projects


  • Overview of Aspen Economic Evaluation products and technology
  • Introduction to Aspen In-Plant Cost Estimator concepts

Graphical User Interface (GUI)
  • Overview of the Aspen In-Plant Cost Estimator graphical user interface (GUI)

Project Basis View
  • Implement project basis and scope specifications via Standard Basis Files and Template File
  • Workshop 1: Project Basis View.

Adding Project Components
  • Discuss how the In-Plant Cost Estimator system develops construction labor man-hours
  • Introduction to specifying process equipment
  • Review how In-Plant cost estimator designs and costs process equipment
  • Workshop 2: Multiple Diameter Tower Alloy Study
  • Workshop 3: Equipment List

Heat Exchanger Sizing
  • Use the Heat Exchanger Sizing Expert to generate preliminary heat exchanger designs based on known process conditions
  • Workshop 4: Heat Exchanger Sizing Expert

Custom Piping Specs
  • Define and implement custom piping specifications
  • Workshop 5: Custom Pipe Specification

Installation Bulks
  • Introduce and define installation bulks for process equipment items
  • Add plant bulk items such as bulk piping, pipe racks, and site lighting/wiring
  • Workshop 6: Multiple Diameter Tower Installation Bulks ¬†
  • Workshop 7: Equipment List Installation Bulks

COA Indexing
  • Introduce Aspen Economic Evaluation Codes of Accounts (COAs)
  • Discuss the indexing of COAs as a means for adjusting material and labor costs
  • Workshop 8: Pipe Rack and COA Indexing

Utility and COA Allocations
  • Introduce Utility Piping and Utility Station piping
  • Use Code of Account allocation to define preferred material and labor cost reporting
  • Workshop 9: Utility Piping and COA Allocation

Building and Site Development
  • Define buildings and site development items within a project estimate
  • Workshop 10: Site Development and Control Building

Quoted Equipment and Material / Man hour Additions
  • Learn how to define quoted equipment, material, and labor costs within an Aspen In-Plant Cost Estimator project
  • Workshop 11: Proprietary Extruder

Cost Libraries
  • Introduce Cost Libraries (Unit Cost and Equipment Model) as options for user specification of project-related costs
  • Workshop 12: Unit Cost Libraries
  • Workshop 13: Equipment Model Library

Material Man-hour % Adjustment and Demolition
  • Implement percentage adjustments to equipment material and labor costs, enabling precise modifications to reported costs
  • Define equipment demolition within a project scope
  • Workshop 14: Equipment Demolition

Project Scheduling
  • Review modifications to construction labor settings and productivities and how those affect project scope and costs
  • Discuss construction equipment rental and learn how to modify rental equipment for your project
  • Workshop 15: Equipment Rental and Labor Adjustments

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.