Introduction

Forecasting the scope, cost and duration of projects is critical for resource projects. Estimators compile and analyse the factors that influence costs such as materials, labour, power, equipment etc. The methods used for estimating vary widely. The course identifies the basic elements of cost estimating and explains basic cost estimating types. This course emphasises a formal and rational approach toward estimating which includes simple calculations and statistical techniques. The course will provide participants with tools and techniques with which they can face even tough estimating problems with confidence.

The course examines how to normalise the data, how estimating methods are used and how to apply risk analysis in cost estimating. This course provides a variety of techniques to estimate cost contingency. The program outlines the estimating process of life-cycle costs and how estimating tools are applied. The course also provides examples of basic calculations to deliver understanding to attendees as well as introduce computer software used by the cost estimating community. Upon completion of this course the attendee will have the knowledge to explain estimates to stakeholders and how to document and improve estimates.

Course Benefits

This course provides a variety of cost estimating methods and techniques which participants can apply in their own process area. The participants will be able to use estimating tools and techniques such as:

• Operating Costs
• Capital Costs
• Factored Costs
• Function Point Analysis
• Learning Curve
• PERT
• Net Present Value (NPV)
• Internal Rate of Return (IRR)
• Cost Index
• Power-Sizing Model
• Monte Carlo Simulation

Delegates will be able to estimate life-cycle cost and apply appropriate estimating methods in a particular project life-cycle period. The fundamentals and functions of cost estimating software are also provided.

Lead Speaker

Damian Connelly - Director/Principal Consulting Engineer
Mineral Engineering Technical Services
Damian has over 40 years experience as a Consulting Metallurgist. He has extensive experience in the gold, copper, lead, zinc, uranium and iron ore industries. His field of expertise lies in plant operations, feasibility studies, detailed design, and commissioning. He has been involved in many projects including engineering, audit, due diligence, tenders and expert witness work.

METS' training courses have been run both in Australia and overseas, and are highly regarded.

Who Should Attend?

Course Programme

• Introduction of Cost Estimating
• Organising the Estimating Function
• Operating Costs
• Capital Costs
• Data Collection and Analysis
• Cost Estimating Methods
• Cost Contingency
• Cost Risk Analysis
• Cost Documentation
• Life-Cycle Costs
• Computer Aided Estimating