Study Of Cost Estimation Model For Plant Equipment :A Case Study Of Water Treatment Plant
By: Deshpande, P. M
.
Publisher: Pune NICMAR 2019Edition: Vol.34(2), April-June.Description: 53-60p.Subject(s): Construction Engineering and Management (CEM)Online resources: Click here
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NICMAR Journal of construction managementSummary: In engineering project environment, cost estimation is required for different phases in project cycle for feasibility, detailed project report, tender bidding and contracting. The cost estimate is the most needed to take the decisions. A viable estimate should also be produced with consistent definitions and a repeatable estimating process is a need ofengineering project cost estimation. This cost estimation should satisfy effort/cost, time schedule, risk and needs to be reliable. In engineering projects, the cost ofplant and machinery is a major cost and varies from 40 to 65 percent oftotal project cost depending on the technology, automation and type ofproject. The parametric cost estimation model is the solution to satisfy the different needs ofestimation. The parametric model for cost estimation based on equipment sizing and specification is an effective approach for cost estimation. The size ofequipment is the result ofthe capacity ofplant and this helps in estimating project cost for different plant capacities. Secondly, the engineering design information details are time dependent in project cycle; however, the estimation needs to be fairly accurate. The cost estimation based on parametric model is a solution for repetitive estimation in various project stages. This paper elaborates the principle and application ofparametric model with the case study ofwater treatment plant.
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School of Engineering & Technology (PG) Archieval Section | Not for loan | 2020350 |
In engineering project environment, cost estimation is required for different phases in project cycle for feasibility, detailed project report, tender bidding and contracting. The cost estimate is the most needed to take the decisions. A viable estimate should also be produced with consistent definitions and a repeatable estimating process is a need ofengineering project cost estimation. This cost estimation should satisfy effort/cost, time schedule, risk and needs to be reliable. In engineering projects, the cost ofplant and machinery is a major cost and varies from 40 to 65 percent oftotal project cost depending on the technology, automation and type ofproject. The parametric cost estimation model is the solution to satisfy the different needs ofestimation. The parametric model for cost estimation based on equipment sizing and specification is an effective approach for cost estimation. The size ofequipment is the result ofthe capacity ofplant and this helps in estimating project cost for different plant capacities. Secondly, the engineering design information details are time dependent in project cycle; however, the estimation needs to be fairly accurate. The cost estimation based on parametric model is a solution for repetitive estimation in various project stages. This paper elaborates the principle and application ofparametric model with the case study ofwater treatment plant.
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