Introduction

In today’s highly competitive industrial landscape, mastering process economics and cost estimation is crucial for engineers, project managers, and business leaders aiming to optimize operational efficiency and maximize profitability. Process Economics and Cost Estimation Training Course equips professionals with advanced cost modeling, capital and operating cost evaluation, and financial feasibility analysis, empowering them to make informed decisions throughout the project lifecycle. By integrating real-world case studies, participants gain practical insights into budget optimization, value engineering, and cost control strategies applicable across chemical, pharmaceutical, energy, and manufacturing industries.

This comprehensive program emphasizes a hands-on, practical approach to cost estimation, focusing on process optimization, risk assessment, and strategic financial planning. Participants will learn to leverage modern cost estimation tools, parametric modeling, and industry-standard best practices to enhance accuracy and reliability in project costing. By bridging the gap between engineering design and economic evaluation, the course ensures professionals are prepared to deliver cost-efficient, high-impact solutions that align with organizational objectives.

Programme Curriculum

Process Economics and Cost Estimation Training Course

Introduction

Course Duration

5 days

Course Objectives

Master process economics principles for effective project decision-making.
Develop accurate cost estimation skills for CAPEX and OPEX.
Apply financial analysis tools for feasibility and ROI assessment.
Understand process optimization techniques to minimize costs.
Utilize parametric and detailed cost modeling for various industries.
Learn risk assessment strategies for cost control and uncertainty management.
Implement value engineering methodologies to enhance project value.
Evaluate lifecycle costs and sustainability factors in project planning.
Benchmark costs using industry standards and best practices.
Analyze sensitivity and scenario planning for economic decision-making.
Integrate software tools and digital platforms for cost estimation.
Examine case studies to understand real-world cost challenges.
Improve cross-functional communication for project finance and engineering alignment.

Target Audience

Process Engineers
Project Managers
Cost Estimators
Chemical Engineers
Operations Managers
Financial Analysts in Industrial Projects
Procurement and Supply Chain Professionals
Engineering Consultants

Course Modules

Module 1: Fundamentals of Process Economics

Introduction to process economics and industrial relevance
Understanding CAPEX vs OPEX
Cost drivers in process industries
Economic evaluation metrics-NPV, IRR, ROI
Case Study: Cost-benefit analysis of a chemical plant expansion

Module 2: Cost Estimation Techniques

Types of cost estimation: preliminary, detailed, and definitive
Bottom-up vs top-down approaches
Parametric modeling techniques
Estimation accuracy and uncertainty management
Case Study: Parametric cost estimation for a pharmaceutical plant

Module 3: Capital Cost Estimation (CAPEX)

Fixed vs working capital requirements
Equipment and installation costs
Scaling and factor-based cost estimation
Cost indices and inflation adjustment
Case Study: CAPEX calculation for a biofuel production facility

Module 4: Operating Cost Estimation (OPEX)

Raw materials and utility costs
Labor and maintenance costs
Overheads and indirect costs
Cost optimization strategies
Case Study: OPEX reduction strategies in a refinery plant

Module 5: Process Optimization for Cost Reduction

Identifying bottlenecks and inefficiencies
Lean process improvement techniques
Energy and resource optimization
Simulation and modeling for cost efficiency
Case Study: Process optimization in a water treatment plant

Module 6: Financial Analysis & Feasibility

Payback period and ROI calculations
Discounted cash flow and risk analysis
Sensitivity and scenario analysis
Investment appraisal methods
Case Study: Feasibility study of a solar power plant project

Module 7: Risk Management in Cost Estimation

Risk identification and categorization
Contingency planning and cost control
Monte Carlo simulations for cost uncertainty
Decision-making under uncertainty
Case Study: Risk-adjusted cost estimation for a petrochemical project

Module 8: Software Tools & Digital Applications

Overview of cost estimation software
Digital twins and predictive modeling
Data-driven decision-making for cost optimization
Integration with ERP and project management tools
Case Study: Digital cost modeling in a chemical plant retrofit

Training Methodology

This course employs a participatory and hands-on approach to ensure practical learning, including:

Interactive lectures and presentations.
Group discussions and brainstorming sessions.
Hands-on exercises using real-world datasets.
Role-playing and scenario-based simulations.
Analysis of case studies to bridge theory and practice.
Peer-to-peer learning and networking.
Expert-led Q&A sessions.
Continuous feedback and personalized guidance.

Register as a group from 3 participants for a Discount

Send us an email: info@fineskilltrainingcenter.org or call +254769199797

Certification

Upon successful completion of this training, participants will be issued with a globally- recognized certificate.

Tailor-Made Course

We also offer tailor-made courses based on your needs.

Key Notes

a. The participant must be conversant with English.

b. Upon completion of training the participant will be issued with an Authorized Training Certificate

c. Course duration is flexible and the contents can be modified to fit any number of days.

d. The course fee includes facilitation training materials, 2 coffee breaks, buffet lunch and A Certificate upon successful completion of Training.

e. One-year post-training support Consultation and Coaching provided after the course.

f. Payment should be done at least a week before commence of the training, to Fineskill Training Center account, as indicated in the invoice so as to enable us prepare better for you.

Skills & Software Covered

Capital costing Operating costs Economic evaluation Profitability analysis

Programme Fee

Duration: 5 Days

Method: Online or Physical

Online Price: $1,000

Physical Price: $1,500

Certification: Accredited Certificate

View Available Dates 📄 Download Course Outline (PDF)

Available Sessions

Location

Month

Year

Oct 26 2026

26 Oct — 30 Oct 2026

💻 Online / Virtual session

Online $1,000