Key elements of project management

Purpose To set the project objectives, basis, assumptions and preliminary economics To generate alternative revamp options and establish the best revamp option To fully develop the revamp option To complete engineering, procurement and construction To measure success of the revamp project and document key highlights and lessons learned 

Resources Process and operations Process and operation Process and operations Project manager/engineer. Process and operations 

Cost estimation method and accuracy Conceptual cost estimate using in-house (past) projects cost data and published cost data 50% Cost estimate based on conceptual design. Some major equipment quotations are used 30% to 25% Cost estimation based on finalized quotations 10% NA NA 

Pre-feasibility Conceptual design or Pre-FEED FEED EPC Project start-up  

Note A comprehensive discussion on cost estimation methods is available in Green and Perry (2008) 

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