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Level: Basic
TCM Section(s):
7.3. Cost Estimating and Budgeting
Venue: 2021 AACE International Conference & Expo
Abstract: In today’s competitive world, it becomes important for companies to accurately estimate engineering staff-hours to make bids profitable and to successfully manage the project. Bottom-up estimating is the most accurate approach of estimation. It involves estimation at the lowest level of detail, which requires good knowledge of work to be carried out by various engineering disciplines.
This paper lists activities carried out by all engineering disciplines, except civil & structural and electrical, involved in a greenfield repetitive (project already executed in past) engineering & procurement (EP) technology package contract for all engineering phases of an oil and gas project. The paper is related to engineering activities only and hence project management & project controls and procurement services staff-hours estimation have been excluded from the paper scope. The paper also gives an insight on activities parameter that demonstrates a measurable relation with engineering staff-hours.
Each organization has its own tools and techniques, so the hours may differ from one company to another and hence have not been mentioned anywhere in the paper, however, the engineering activities, being carried out in phases, for any oil and gas plant remains the same. The information mentioned in the paper has been applied for estimating staff-hours of multiple repetitive greenfield projects and realistic estimates have been obtained, which have been used as budgeted staff-hours to monitor and control projects.
Level: Basic
TCM Section(s):
7.3. Cost Estimating and Budgeting
Venue: 2021 AACE International Conference & Expo
Abstract: In today’s competitive world, it becomes important for companies to accurately estimate engineering staff-hours to make bids profitable and to successfully manage the project. Bottom-up estimating is the most accurate approach of estimation. It involves estimation at the lowest level of detail, which requires good knowledge of work to be carried out by various engineering disciplines.
This paper lists activities carried out by all engineering disciplines, except civil & structural and electrical, involved in a greenfield repetitive (project already executed in past) engineering & procurement (EP) technology package contract for all engineering phases of an oil and gas project. The paper is related to engineering activities only and hence project management & project controls and procurement services staff-hours estimation have been excluded from the paper scope. The paper also gives an insight on activities parameter that demonstrates a measurable relation with engineering staff-hours.
Each organization has its own tools and techniques, so the hours may differ from one company to another and hence have not been mentioned anywhere in the paper, however, the engineering activities, being carried out in phases, for any oil and gas plant remains the same. The information mentioned in the paper has been applied for estimating staff-hours of multiple repetitive greenfield projects and realistic estimates have been obtained, which have been used as budgeted staff-hours to monitor and control projects.