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Cost and Schedule Estimation for Subsea Projects

Mastering Cost and Schedule Estimation in Subsea Projects

Embark on a detailed exploration of cost and schedule estimation, beginning with an understanding of key concepts such as cost categories, estimating accuracy, and phasing. Delve into CAPEX estimating, allowances, contingencies, and OPEX estimation. Navigate the intricacies of schedule estimation, covering key processes, work breakdown structures, and effective management. Explore advanced topics like economic evaluation methods, sensitivity analysis, and Monte Carlo simulations, by focussing on real-life case studies and examples. Enhance your expertise in the crucial domains of cost and schedule estimation with this comprehensive course.

Interactive Learning

Interactive Learning
 
Engage in hands-on activities and interactive exercises as you explore different economic evaluation methods, including Monte Carlo simulations. 

Industry insights
Industry insights
 
Gain industry insights into the planning behind successful cost and schedule estimates.

Networking Opportunities

Networking opportunities

Network with like-minded individuals and industry experts working within cost estimation.

Jeenius
Jeenius
 
Enjoy exclusive access to Jeenius platform, a valuable learning resource.

Integrative Cost and Schedule Estimating Exercises for Real-World Readiness

Embark on a journey of exploration with our series of integrative cost and schedule estimating exercises. Engage in hands-on activities that go beyond theoretical understanding, allowing you to apply and deepen your knowledge in a practical context. These exercises are designed to enhance your problem-solving skills, preparing you to tackle a range of challenges encountered in the complex landscape of economic evaluation. Through this comprehensive approach, participants cultivate a dynamic skill set, setting the stage for success in real-world scenarios.

Module Highlights

Day 1 - Unveiling Cost and Schedule Estimation Strategies

Embark on a comprehensive exploration of subsea projects, delving into the intricacies of subsea developments, components, and configurations. Uncover the project lifecycle and recognise the pivotal role of precise cost and schedule estimating. Engage in a detailed examination of cost estimation, covering categories, estimating accuracy, CAPEX, allowances, contingencies, phasing, escalation, and OPEX. Explore schedule estimation processes, including the work breakdown structure and effective schedule management techniques.

Day 2 – Navigating Project Economics, Simulation, and Real Options

Delve into project economics, pre and post-approval activities, and master economic evaluation methods with a focus on sensitivity analysis. Explore the power of Monte Carlo simulation and real options through engaging case studies. Participate in an integrative exercise, applying your newfound knowledge to estimate costs and schedules for a challenging deepwater prospect, providing practical insights into real-world scenarios.

 

Who should attend?

Project Managers and Planners

Explore the intricacies of subsea projects, from developments to configurations, understanding the lifecycle and crucial cost and schedule estimating.

Cost Estimators and Analysts

Dive into the details of cost estimation and the vital aspects of allowances and contingencies.


Scheduling Professionals

Gain expertise in schedule estimation, key processes, work breakdown structures, and effective schedule management strategies.

Economic Analysts and Decision-Makers

Explore advanced techniques like Monte Carlo simulation offering insights into project economics and decision-making processes.

Introduction to subsea projects

  • Subsea developments
  • Subsea components
  • Subsea configurations
  • The project lifecycle
  • The importance of cost and schedule estimating

Cost estimation of subsea projects

  • Cost categories
  • Estimating accuracy
  • CAPEX estimating
  • Allowances and contingencies
  • Phasing and escalation
  • OPEX estimating

Schedule estimation of subsea projects

  • Key processes
  • Work breakdown structure
  • Managing the schedule

Cost and schedule evaluation methods

  • Project economics
  • Pre and post approval activities
  • Economic evaluation methods
  • Sensitivity analysis
  • Monte Carlo simulation
  • Real options

Case studies

  • Economic evaluation
  • Monte Carlo simulation
Integrative cost and schedule estimating exercise for a deepwater prospect
 

Learning Outcomes

  • Explain the importance of cost and schedule estimating for subsea projects
  • Describe the methods of preparing cost and schedule estimates
  • Detail the sources of data for the preparation of cost and schedule estimates
  • Identify the appropriate level of accuracy for cost and schedule estimates
  • Gain an appreciation of how to derive an appropriate level of contingency for cost and schedule estimates
  • Summarise the basic use of Monte Carlo simulations for cost and schedule estimates
Engineer on Tv and people watching - Image -4

Meet Your Expert Tutors

Dem Demetriou

Dem Demetriou

BEng (Hons), MSc, DIC, CEng, FIMarEst, MBA FCMI

With a rich professional journey spanning over two decades, Dem has established himself as a specialist in project management, facilities engineering, and strategic general management. His expertise encompasses Front-End Engineering Design (FEED), detailed and conceptual design, procurement, topsides, and construction. This extensive experience makes him a treasure trove of knowledge and practical insights, particularly in the dynamic field of subsea engineering. 

In his teaching role, Dem brings this wealth of experience to the classroom. His courses are a blend of theoretical knowledge backed by real-world application, offering students a comprehensive understanding of the complexities involved in subsea engineering projects. 

Phil Goby

Phil Goby

BEng (Hons), CEng, MIMechE

Phil's career as a Senior Pipeline Engineer and Team Leader is marked by over 20 years of managing and optimising Pipeline Operations and Integrity across numerous North Sea Assets. His deep technical expertise and comprehensive understanding of industry standards have been pivotal in ensuring operations align with regulatory expectations. Notably, Phil's involvement in managing Subsea Asset acquisitions and divestments demonstrates his profound insight into the intricacies of the industry, making him an invaluable resource for practical learning and application in the field of subsea engineering. 

In the classroom, Phil applies his extensive practical knowledge to provide students with a real-world perspective on pipeline engineering challenges. He adeptly bridges the gap between theoretical concepts and their practical applications, ensuring that students gain a comprehensive understanding of the subject matter.

Start Dates

Location Start Date End Date Number of Days Timings
Virtual (Live Instruction)
11th June 2024
12th June 2024
2
09:00 to 16:30 (with regular breaks)
Virtual (Live Instruction)
12th November 2024
13th November 2024
2

09:00 to 16:30 (with regular breaks)

Course Fee

COURSE FEE

£1,495

  • Live Classes: Dive into live, interactive sessions focusing on real-time learning and discussions with peers and industry experts.

  • Access to Jeenius Platform: Unlock a realm of additional resources, peer forums, and expert interactions extending your learning beyond the classroom.

  • Industry Expert Interaction: Network and learn from seasoned industry professionals throughout the course, discussing real-world challenges and solutions.

Find Out more