Print Outline

Section 01: Introduction

• Skills Required for Cost
• Cost Accountant Vs Cost Engineer
• Capital Vs Turnaround

Section 02: Terminology

• Review standard cost terminology

Section 03: Cost Management Process

• Discuss Resource Planning, Cost Estimating, Cost Budgeting, and Cost Control.
• Why it is important

Section 04: Turnaround Cost Cycle – High Level

• Discuss each phase of the Turnaround Lifecycle
• Discuss each phase of the Turnaround Cost Lifecycle

Section 05: Cost Breakdown Structure

• Discuss the 4 high-level cost groups and how each are defined.
• Discuss the importance of breaking each group out further and how it aligns with the schedule

Section 06: Estimate Development

• Discuss the different Estimates (Preparation, +/-50%, +/30%, +/-10%)
• Considerations for Development

Section 07: Budget Development

• Estimate vs Budget
• Discuss Histogram
• Review Staffing Plan, Bid Sheet, & Estimate breakdown sheet.
• Discuss Purchase Orders & Control Budget

Section 08: Industry Changes in Cost Control

• Work Orders vs Purchase Orders
• Challenging vs Accepting estimates or bids

Section 09: Preparing for Execution

• Communication with timekeepers
• Onboarding meetings
• Building required spreadsheets

Section 10: Cost Tracking & Control

• High level review of Cost Report
• Discuss Daily Force Reporting
• Discuss Daily Timesheet Reporting

Section 11: Deliverables to Management

• Briefly discuss typical deliverables

Section 12: Closeout

• Briefly discuss the closeout process and activities

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