Conducting Economic and Technical Evaluation in Engineering Maintenance

Introduction 

This Economic & Technical Evaluations in Engineering & Maintenance Projects training course covers the basics of project development and management.

It begins with the Project initiation and development phases and progresses through the project execution and control phase. It highlights the cost considerations and the degree of influence on costs in each phase.

Learning Outcome

• Provide a fundamental understanding of financial and accounting principles, terms, techniques, and best practices
• Provide The tools you need to perform financial evaluations and justify your project to corporate management
• Provide a fundamental understanding of the technical aspects that should be considered in technical evaluations of projects to ensure their technical viability, mechanical integrity and compliance with applicable regulations, codes, and standards

Content

Session 1: Project Initiation and Development

• Applicable regulations and specifications
• Due diligence
• Project risk considerations
• Risk assessment methods and recommended practices
• Risk Management and Contingency

Session 2: Technical Evaluation Analysis

• Project Risk and Contingency Analysis
• Key issues in project analysis
• Analysis of project technical and engineering aspects
• Sensible choices
• Applicable regulations, codes, standards – design and construction, HSE
• Mechanical integrity, management of change
• Consideration on environmental aspects
• Applicable regulations and specifications
• Due diligence
  • Project risk considerations
• Risk assessment methods and recommended practices
• Risk Management and Contingency

Session 3: Economic Evaluation Analysis

• Objectives of economic evaluation analysis
• Economic (financial) evaluation
• Principles of time value of money and the discount rate
• Methods of ranking investment proposals

Session 4: Business-Focused Facilities

• Life-cycle (total) cost analysis
• Effective Life-Cycle Management Tools
• Project cost estimating
• Equipment sizing and costs

Session 5: Evaluation of Maintenance Projects

• Evaluation of Maintenance Projects
• Types of maintenance projects
• Concept of component life
• Technical evaluation of maintenance projects
• Alternate repair technologies and procedures
• Management of change