About the Course
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.
Who's it for
- Project Managers: Build an understanding of cost and schedule estimation strategies to effectively manage subsea project lifecycles and ensure successful project delivery.
- Cost Estimators: Enhance your expertise in CAPEX and OPEX estimation, allowances, contingencies, and phasing to create accurate and reliable financial forecasts for subsea projects.
- Schedule Planners: Develop skills in creating and managing schedules using work breakdown structures and advanced techniques like Monte Carlo simulations.
- Economists and Financial Analysts: Gain practical insights into project economics, economic evaluation methods, sensitivity analysis, and decision-making tools.
- Subsea Engineers: Strengthen your knowledge of subsea project components, configurations, and lifecycle phases, and understand how cost and schedule estimation integrate into project planning and execution.
Learning Objectives
- 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
Course Content
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Day One
Introduction to subsea projects
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Subsea developments
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Subsea components
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Subsea configurations
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The project lifecycle
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The importance of cost and schedule estimating
Cost estimation of subsea projects
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Cost categories
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Estimating accuracy
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CAPEX estimating
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Allowances and contingencies
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Phasing and escalation
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OPEX estimating
Schedule estimation of subsea projects
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Key processes
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Work breakdown structure
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Managing the schedule
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Day Two
Cost and schedule evaluation methods
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Project economics
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Pre and post approval activities
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Economic evaluation methods
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Sensitivity analysis
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Monte Carlo simulation
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Real options
Case studies
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Economic evaluation
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Monte Carlo simulation
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Integrative cost and schedule estimating exercise for a deepwater prospect
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Learning Outcomes
Upon completion of this course, participants will be able to:
- 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
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Class Materials
- Case studies that explore real-world grid integration challenges and their solutions.
- A comprehensive course package detailing all essential topics and technical data.
- Detailed notes from the tutor, Dem, offering additional insights and expertise.
- A collection of references and practical worked examples to deepen understanding and application of the material.
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Jeenius
Participants in the course gain access to Jeenius, a cutting-edge learning platform that offers comprehensive support tools. This platform includes all course notes, recordings of the sessions for later review, and the opportunity for one-on-one support with the tutor. Additionally, Jeenius provides access to the latest insights in renewable energy enhancing the learning experience with up-to-date industry knowledge.
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In-Company Delivery
For in-company delivery options and content customisation to meet your specific needs, please don't hesitate to reach out to us.
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Fee
£1,495 per person.
A discount is available if registering 3+ people.
Your Tutor
Dem Demetriou
BEng (Hons), MSc, DIC, CEng, FIMarEst, MBA FCMI
LEAD TUTOR
Dem's over 20 years of experience in project management, facilities engineering, and materials engineering, combined with his expertise in FEED, detailed and conceptual design, procurement, topsides, and construction, make him an invaluable asset. His teaching in the design and delivery of subsea pipelines and value engineering for design optimisation is critical for Jee’s training programmes.
Testimonials
"The last three days have been a valuable experience; the knowledge gained will definitely benefitmy understanding of future projects"
Pauline Heddle
Diving and Operations Support Technical Co-Ordinator at Technip Energies
“A well taught and excellently presented course”
Andrew Ripley
Geotechnical Engineer at TechnipFMC
