Cost estimating at a relatively low confidence level is typically carried out during the Conceptual Engineering phase to compare optional process scenarios and generate initial budget estimates to screen a potential project for cost viability.
Based upon the Association for the Advancement of Cost Engineering (AACE) cost estimate classification system a Class 5 estimate would be typical for the Conceptual Engineering Phase.
Unitel Technologies employs a number of methods and tools to efficiently develop cost estimates with available data and project information. Our knowledge and history with pilot plant, demo plant and other modular systems combined with our broad process industry experience provides us a rich database to develop cost estimates during early project phases in which the level of detailed information is limited. We use parametric models based on past experience at this accuracy range. We may also use equipment factored models employing our in-house major equipment data base and factoring methods combined with ASPEN Cost Estimator.