Estimate engineering

Gambill, W. R., Estimate Engineering Properties— How P and T Change Liquid Viscosity," Chemical Engineering. February 9, 1959. p. 123. 

With more and better information regarding the process and layout plans, estimating engineers can prepare detailed estimates which are often quite accurate, usually 10 percent for the best. It is the duty of the process designer to supply the best information in order to contribute to better or improved estimates. 

Estimating engineering costs as a percentage of the direct project costs is a very common practice in conceptual and preliminary work. It is very simple but also very risky. The engineering hours related to any piece of equipment have very little relation to its cost. 

The estimating system presented here proposes a relatively simple but accurate method for estimating engineering hours based on the equipment list and a general knowledge of the project particulars. It was developed from published data and a thorough analysis of nine actual projects. The analysis of the data resulted in several adjustment and correction factors - some empirical, some theoretical that recognize, and try to compensate for, the effect of conditions specific to each project, such as ... 

To estimate the risk that each of the consequences brings to the system it is necessary to calculate the loss that each consequence may give rise to. To estimate the loss for each of the consequences a software based tool was used, General Loss Estimation Engine (GLEE). 

Without knowledge of the time value of money and cost estimation, engineers are likely to make bad choices about the design [3]. There are also plans to add business students to manage the costs of the project development and manufacturing. These costs will be assigned to the tasks and materials used during the process. 

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