Creating and Interpreting Project Cost Estimates for Small Capital Projects

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

Audience:

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

Training Details

  • Course Id:

    EEE103

  • Duration:

    3 day(s)

  • CEUs Awarded:

    2.1

  • Level:

    Introductory

Benefits

  • 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

Approach

  • 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

Agenda

Introduction
  • 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

Register for a Class

Date Class Type Location Price Language
Date(s): 05/27/2025 - 05/29/2025 Type: Public Virtual Location: Virtual-Americas Price: (USD) 3000.00 Language: English Register
Date(s): 05/27/2025 - 05/29/2025 Type: Public Classroom Location: 2500 Citywest Blvd, Suite 1600
Houston , Texas USA 77042 		Price: (USD) 3000.00 Language: English Register
Date(s): 05/5/2025 - 05/7/2025 Type: Public Virtual Location: Virtual-Latin America Price: (USD) 2100.00 Language: Spanish Register
Date(s): 05/13/2025 - 05/15/2025 Type: Public Virtual Location: Virtual-EMEA Price: (USD) 3000.00 Language: English Register
Date(s): 07/1/2025 - 07/3/2025 Type: Public Virtual Location: Houston, TX Price: (USD) 3000.00 Language: English Register
Date(s): 08/26/2025 - 08/28/2025 Type: Public Virtual Location: Houston, TX Price: (USD) 3000.00 Language: English Register
Date(s): 07/1/2025 - 07/3/2025 Type: Public Virtual Location: Virtual-Americas Price: (USD) 3000.00 Language: English Register
Date(s): 08/26/2025 - 08/28/2025 Type: Public Virtual Location: Virtual-Americas Price: (USD) 3000.00 Language: English Register
Date(s): 09/30/2025 - 10/2/2025 Type: Public Virtual Location: Virtual-Americas Price: (USD) 3000.00 Language: English Register
Date(s): 12/2/2025 - 12/4/2025 Type: Public Virtual Location: Virtual-Americas Price: (USD) 3000.00 Language: English Register
Date(s): 09/30/2025 - 10/2/2025 Type: Public Virtual Location: Houston, TX Price: (USD) 3000.00 Language: English Register
Date(s): 12/2/2025 - 12/4/2025 Type: Public Virtual Location: Houston, TX Price: (USD) 3000.00 Language: English Register
Date(s): 08/12/2025 - 08/14/2025 Type: Public Virtual Location: Virtual-EMEA Price: (USD) 3000.00 Language: English Register
Date(s): 11/11/2025 - 11/13/2025 Type: Public Virtual Location: Virtual-EMEA Price: (USD) 3000.00 Language: English Register

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.