Documenting Your Turnaround Cost Estimate
Overview from article written for the May 2021 edition of “The Chemical Engineer” magazine…
Maintenance turnaround teams are under ever increasing pressure to improve their cost estimating prowess. A gap in the steps towards improvement is the reluctance of maintenance turnaround teams to take the time to document their cost estimates.
By writing a basis of estimate document, a turnaround team forces itself to think clearly about how its estimate has been compiled, thus encouraging gaps to be found and plugged. By having a basis of estimate document available, the turnaround team sends a clear signal to any estimate reviewer that it has approached its estimating in a thorough and professional manner. The turnaround team is then in a stronger position to defend its estimate. The basis of estimate then also provides a historical record, helping future turnaround teams to compile their estimates more quickly and improve them as they move into the future.
If turnaround teams can be encouraged to develop detailed basis of estimate documents for every estimate, on every turnaround, it is my view that this would be a significant step forward in the struggle to improve turnaround cost estimating.
Click HERE to read the full article
“The Chemical Engineer” is a monthly chemical engineering technical and news magazine published by the UK Institution of Chemical Engineers. Gordon is a Fellow of the Institution and has published several articles in the magazine in the past, on the topics of maintenance turnaround and capital project preparation & planning.
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