Project Cost Engineering, EPC Management, and Risk Analysis Training

DEVELOP conducts Project Cost Engineering, EPC Management, and Risk Analysis Training which focuses on equipping professionals with essential skills for managing Engineering, Procurement, and Construction (EPC) projects costs and risks.

Our program covers cost estimation, budgeting, project scheduling, resource management, risk identification, and mitigation strategies, ensuring participants can effectively control costs, optimize resources, and navigate potential risks to ensure Oil & Gas Project success and profitability.

Project Cost Engineering, EPC Management, and Risk Analysis Training

Participants will learn to optimize project execution, control costs, enhance operational efficiency, and address industry-specific challenges to ensure successful project outcomes.

The course includes practical examples and exercises in real EPC project scenarios.

This training is designed to equip you with essential project management skills, focusing on risk assessment, mitigation, and strategic planning, including:

• Conducting Project Risk Assessment & Mitigation
• Measuring Uncertainty in Project Execution
• Developing Strategic Response Plans to Minimize Risks by:
  • Creating a Project Plan Strategy aligned with conditions
  • Allocating Resources (manpower, heavy equipment, and project support facilities) effectively
• Implementing Quantitative Project Risk Monitoring
• Creating and Presenting Comprehensive Project Risk Follow-up Reports
• Strengthening the Accounting Department’s ability to forecast risks impacting the company’s financial health

Project Risk Management is crucial because:

• Unexpected issues often arise during project execution that aren’t in the schedule but impact project progress.
• Risk estimation processes often lack quantitative measures (e.g., impact, duration, probability, and ranking), leading to more precise and actionable assessments.
• Unforeseen costs or items not included in the project plan can emerge, potentially affecting the company’s financial stability.

DEVELOP Conducts Project Cost Engineering, EPC Management, and Risk Analysis Training with quality learning stages as follows :

Session 1-2

Project Cost Management Overview, Cost Planning&Cost Baseline

Skill Focus:

• Project Cost Management Overview
• Applicable Standard&Codes
• Budget Determination, Cost Planning&Spending Plan
• Cost Estimate&Monetary Resources for Project
• Project Cost Inputs, Tools & Techniques (Cost Baseline, Project Funding Requirements&Risk Register)
• Cost Baseline (Project Budget, Management Reserves, Work Package Cost Estimates/Contingency Reserves, Activity Cost Estimates)
• Case Study (can be customized to match with Project/Operation goals)

Session 3

Costs Control, Forecasting, Performance Index-Reviews&Project Cost Outputs

Skill Focus:

• Costs Control (update the project costs & managing changes to the cost baseline)
• Earned Value Management/EVM (Schedule Variance, Cost Variance, Schedule Performance Index, Cost Performance Index)
• Forecasting (Estimate At Completion&Budget At Completion)
• Performance Index&Reviews
• Project Cost Outputs (Activity Cost Estimates, Basic of Estimates&Project Documents Updates)

Session 4

Risk Analysis Overview, Schedule Review& Risk Identification

Skill Focus :

• Risk Analysis Overview& Scope in Projects-Plant Operation
• Why & How to Conduct Risk Analysis
• Risk Analysis Flow Chart
• Task Durations Model
• Uncertainty & Task Existence Risk
• Basic & Function
• Environment Data
• Risk Analysis Inputs
• Case Study (can be customized to match with Project/Operation goals)

Session 5

Risk Modeling, MONTE CARLO Simulation,Mitigation Strategies,Effective Strategy Response Plan Action&Risk Management Final Report

Skill Focus :

• Task on critical path
• Risk Schedule Deviation from target
• Probablistic Risk
• Tasks’ Costs&uncertainty Risk Potential
• Risk Analysis Outputs
• QA checks of Risk Analysis Models
• Final Reports

Project Cost Engineering, EPC Management, and Risk Analysis Training

Our Course Material are designed specifically by the professional engineers and designers in accordance with common project requirements. Therefore, you will get knowledge sharing directly from practitioners with years of experience.

QUICK REGISTER :