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........................................................................................ 11  \n1.1 Purpose and Objectives of Cost Estimates ....................................................... 11  \n1.2 Key Terminology Used in Cost Estimates ......................................................... 12  \n2 Cost Estimates in the Project Phases .................................................................... 13  \n2.1 FEL-1: Appraise (Feasibility) ............................................................................... 14  \n2.2 FEL-2: Select (Concept) ..................................................................................... 14  \n2.3 FEL-3: Define (Front-End Engineering Design (FEED)) ....................................... 15  \n2.4 Execute .............................................................................................................. 15  \n2.5 Operate .............................................................................................................. 15  \n2.6 Development of Costs Depending on Project Phases ...................................... 15  \n3 Cost Estimation Types resp. Classes ...................................................................... 17  \n3.1 􀀅 50 % Cost Estimates (Class 5) .................................................................... 17  \n3.2 􀀅 30 % Cost Estimates (Class 4) .................................................................... 17  \n3.3 􀀅 10 % Cost Estimates (Class 2) .................................................................... 17  \n4 Cost Estimation Methods ........................................................................................ 19  \n4.1 Factorised Cost Estimates .................................................................................. 19  \n4.1.1 Lang Factor ......................................................................................... 19  \n4.1.2 Hand Factor ........................................................................................ 20  \n4.1.3 Checklist for Factorised Cost Estimates .............................................. 21  \n4.2 Cost Estimates Based on Comparable Projects ................................................ 21  \n4.3 Material Take-Off (MTO-) Based Cost Estimates .............................................. 22  \n4.3.1 Structure and Approach ..................................................................... 22  \n4.3.1.1 MTO for Equipment ........................................................... 23  \n4.3.1.2 MTO for Civil & Steel ........................................................ 23  \n4.3.1.3 MTO for Piping ................................................................... 25  \n4.3.1.4 MTO for E&I (Electrical and Instrumentation) .................... 27  \n4.3.1.5 MTO for Insulation and Painting ....................................... 29  \n4.3.1.6 MTO for Temporary Facilities ............................................. 30  \n4.4 Factorised Cost Estimates versus MTO-Based Cost Estimates .......................... 31  \n4.5 Typical Shortcomings of Cost Estimates ........................................................... 31  \n5 Structure of Cost Estimates .................................................................................... 33  \n5.1 Estimating Plan .................................................................................................. 33  \n5.2 Basis of Estimate ............................................................................................... 34  \n5.3 Cost Estimate “Summary” and “Details” ........................................................ 35  \n5.3.1 Cost Estimate Summary ...................................................................... 35  \n5.3.2 Cost Estimate Details ....................................................","cbCairK5QXAhB8xj","https://ap.wps.com/l/cbCairK5QXAhB8xj","pdf",119609,19,"English","# Preface\n# Basics of Cost Estimation\n## Purpose and Objectives of Cost Estimates\n## Key Terminology Used in Cost Estimates\n# Cost Estimates in the Project Phases\n## FEL-1: Appraise (Feasibility)\n## FEL-2: Select (Concept)\n## FEL-3: Define (Front-End Engineering Design (FEED))\n## Execute\n## Operate\n## Development of Costs Depending on Project Phases\n# Cost Estimation Types resp. Classes\n## 50 % Cost Estimates (Class 5)\n## 30 % Cost Estimates (Class 4)\n## 10 % Cost Estimates (Class 2)\n# Cost Estimation Methods\n## Factorised Cost Estimates\n## Cost Estimates Based on Comparable Projects\n## Material Take-Off (MTO-) Based Cost Estimates\n## Factorised Cost Estimates versus MTO-Based Cost Estimates\n## Typical Shortcomings of Cost Estimates\n# Structure of Cost Estimates\n## Estimating Plan\n## Basis of Estimate\n## Cost Estimate “Summary” and “Details”\n## Key Quantities\n## Different Cost Categories (CAPEX and OPEX)\n# Key Components of a Cost Estimate\n# Determination of Engineering Costs\n# Estimation of Procurement Costs","[{\"question\":\"What are the main phases used to develop project cost estimates?\",\"answer\":\"The document structures cost estimation across FEL-1 (appraise/feasibility), FEL-2 (select/concept), FEL-3 (define/FEED), then proceeds to execute and operate, including guidance on how costs develop by phase.\"},{\"question\":\"Which cost estimation methods are presented?\",\"answer\":\"It covers factorised cost estimates (including Lang factor and Hand factor), cost estimates based on comparable projects, and material take-off (MTO)-based cost estimates, with sub-approaches for equipment, civil \\u0026 steel, piping, E\\u0026I, insulation and painting, and temporary facilities.\"},{\"question\":\"How is a cost estimate typically structured in the document?\",\"answer\":\"It explains an estimating plan and basis of estimate, then distinguishes between a cost estimate summary and cost estimate details, including key quantities and separation of CAPEX and OPEX cost categories.\"}]","Cost Estimation - Basics, Methods and Project-Phase Approach | PDF",1789183646,7]