Our world class expertise in Cost Engineering and the Oil and Gas Sector as well as our engineering expertise are delivered in an online introductory course for the Oil and Gas sector. Read more Read less
Specific experience and cases in the Oil and Gas sector brings in the main elements of the Cost Engineering body of knowledge.
At a glance
- Duration12 weeks
- Cost£1,400. Concessions available
Course structureDelivery is purely online which means that no travel or subsistence costs are incurred.Organisations can train their cost engineers on-site without losing valuable time away from work. The course is interactive with a tutor available throughout the learning experience and there is a significant level of networking and interaction with other delegates through the examined discussion board and the group project module. Practical knowledge is gained and exchanged through several case studies and the group project. There are six modules, two weeks per module and about five hours per week.
What you will learn
- Understand the nature of the oil and gas industry, the management of projects and costs and their relationship to the strategy of the business
- Be familiar with how to organise and plan an estimate, apply different estimating techniques and the relationship to the design and life cycle of a project
- Know how to collect, manage, access, use and develop cost data
- Be aware of cost control methods and reporting structures including earned value management techniques
- Know the principles of uncertainty and risk and the estimation and management of contingency.
The key learning points are:
- The oil and gas industry
- The importance of cost as a business driver
- Planning and organising an estimate
- Different estimating techniques
- Management and use of cost data
- Parametric data and regression analysis
- Controlling, reporting and managing costs
- Applying earned value management techniques
- Evaluating and managing contingency
- Qualitative and quantitative risk management.
- Specific key parts of the Cost Engineering body of knowledge provide the fundamentals with which to work with Cost Engineering problems in industry
- Networking with other industry delegates through the online learning system and structured questions to facilitate discussion
- Signposts to learning support materials for Cost Engineering in the oil and gas sector
- Assignments covering the key skills, concepts and calculations being used in Cost Engineering in the Oil and Gas industry
- The course is interactive with a tutor which allows specific questions to be answered in real time.
Cost as a Business Driver
How does cost influence the oil and gas industry and its projects
- Learning Outcomes
- Understand the scope and structure of the industry
- Know how projects and programmes are managed
- Know the difference between value engineering and cost reduction
- Understand how projects relate to company business strategy
Covers the basic cost estimating approaches with worked examples
- Understand the importance of estimate planning
- Realise the importance of the estimate basis
- Be familiar with different estimating techniques
- Understand the relationship between estimate accuracy and design maturity
Cost Data Management
Covers the critical task of data collection during cost estimation
- Know where to access cost data
- Understand the cost modelling process
- Understand how benchmarking can improve performance
- Become familiar with different types of contract and their effect on access to data
- Know how to construct parametric log log charts using regression analysis
Cost Control and Reporting
Once a project is running the costs must be controlled against the estimated budget
- Be aware of methods of controlling costs
- Understand work breakdown structures
- Be familiar with report formats & terminology
- Have a basic understanding of Earned Value Management
Management of Risk and Uncertainty
Single point estimates are improved through three point estimating and risk management
- Understand how to estimate contingency
- Know the principles of qualitative risk management
- Know the principles of quantitative risk management
- Understand how to manage contingency
Who should attend
- Engineers who have an impact on cost during their decision making. The course provides insight and awareness into how persons in the organisation can optimally influence profit
- Existing or new cost engineers who want the fundamentals in one assessed course
- Delegates from the global community who are impacted by travel restrictions or convenience.
ConcessionsFive bookings from the same organisation will attract a free single booking.
Read our Professional development (CPD) booking conditions.