How do you estimate the cost and schedule of FEED for instrumentation and control systems?

1 Define the project objectives

The first step in estimating the cost and schedule of FEED for instrumentation and control systems is to define the project objectives and scope. This includes identifying the main functions, performance criteria, safety and environmental standards, and regulatory requirements of the system. You also need to determine the level of detail and accuracy required for the FEED deliverables, such as drawings, specifications, datasheets, and reports.

2 Review the available data

The next step is to review the available data and information related to the project, such as the conceptual design, the process flow diagrams, the piping and instrumentation diagrams, the equipment lists, and the site conditions. You also need to collect and analyze any relevant data from similar projects, industry benchmarks, and vendor quotations. This will help you to identify the key assumptions, constraints, risks, and uncertainties that may affect the cost and schedule of FEED.

3 Develop the work breakdown structure

The work breakdown structure (WBS) is a tool that helps you to organize and manage the FEED activities and deliverables. It divides the project into manageable units of work, such as tasks, subtasks, and milestones. You need to develop a WBS that covers all the aspects of the instrumentation and control system design, such as hardware, software, communication, testing, and documentation. You also need to assign resources, responsibilities, and durations to each unit of work.

5 Validate and optimize the estimate

The final step is to validate and optimize the estimate by comparing it with the project objectives, scope, and data. You need to check the accuracy, completeness, and consistency of the estimate, and identify any gaps, errors, or discrepancies. You also need to perform a sensitivity analysis to evaluate how different scenarios, assumptions, or variables may affect the cost and schedule. You can use various techniques and tools to optimize the estimate, such as value engineering, risk management, or trade-off analysis.