From Novice To Expert Master Aspen Capital Cost Estimator

Course overview

Welcome to the Advanced Certification Course for Aspen Capital Cost Estimator (ACCE)! This extensive course is made to improve your ability to use ACCE, a potent project management and engineering software application for capital cost estimating. To become a recognized expert in capital cost estimating, you will learn about advanced capabilities, customization choices, and real-world applications of ACCE during this course.

Participant’s command of ACCE will distinguish you as a valued asset in the field as companies and industries depend more and more on accurate cost estimates to plan and carry out projects. With the knowledge and abilities you gain from this software-based certification course, you will be better able to manage project budgets, estimate costs accurately, and advance your career.

This course is created to satisfy your needs, whether you are an experienced professional looking to hone your ACCE abilities or a novice ready to delve into the depths of cost estimation software. An organized curriculum that covers a wide range of topics, including sophisticated data management, parametric cost prediction, Monte Carlo simulation, customization, integration with other tools, and more will be led by our knowledgeable educators.

Participants will have a thorough understanding of ACCE’s capabilities by the end of this course, along with the skills necessary to use that knowledge in practical situations. You will be prepared to take on challenging initiatives with assurance, make wise choices, and significantly impact the success of your firm.

Introduction

AspenTech, a business that specializes in software solutions for numerous industries, including engineering, construction, and project management, created the Aspen Capital Cost Estimator (ACCE) software application. The purpose of ACCE is to help businesses estimate the capital costs linked to engineering projects. An overview of Aspen Capital Cost Estimator is provided below:

The main function of ACCE is to calculate project capital costs, notably in sectors like manufacturing, petrochemicals, oil and gas, and pharmaceuticals. Effective project planning, budgeting, and management are all facilitated for organizations.

Key characteristics:

Cost estimation: ACCE offers features and tools to calculate prices for a variety of project components, such as tools, supplies, labor, and more.
User-created parametric cost estimate models can be used to speed up the estimation process and increase accuracy.
Data management: The software makes it possible to organize and manage project data effectively, assuring consistency and dependability.
Custom data fields and reports can be created by users to tailor ACCE to the particular needs of their projects.
Integration: By integrating with other engineering and project management software, ACCE makes it easier to exchange data and improve productivity.
Reporting: It provides reporting features that enable the creation of thorough reports and visualizations for project stakeholders.

We are The Training Bee, a global training and education firm providing services in many countries. We are specialized in capacity building and talent development solutions for individuals and organizations, with our highly customized programs and training sessions.

Participants will participate in hands-on activities, case studies, and real-world applications throughout the course to make sure that you not only understand the theory but also have real-world experience utilizing ACCE.

Taking this journey with you and assisting you in earning your ACCE Advanced Certification is something we are eager to do. Start the exciting educational journey now!

Learning Objectives

Upon completing Aspen capital cost estimator, participants will be able to:

For accurate capital cost estimation, master sophisticated ACCE features.
Create and maintain models for parametric cost estimation.
Use Monte Carlo simulation to determine risk.
Adjust ACCE to the needs of the project.
Streamline the integration and management of data.
Create individualized reports and data visualizations.
Optimization and sensitivity analysis should be done.
Effectively oversee several projects within ACCE.
Apply cutting-edge cost estimate methods to actual life situations.

Our Unique Training Methodology

This interactive course comprises the following training methods:

Journaling – This consists of setting a timer and letting your thoughts flow, unedited and unscripted recording events, ideas, and thoughts over a while, related to the topic.
Social learning – Information and expertise exchanged amongst peers via computer-based technologies and interactive conversations including Blogging, instant messaging, and forums for debate in groups.
Project-based learning
Mind mapping and brainstorming – A session will be carried out between participants to uncover unique ideas, thoughts, and opinions having a quality discussion.
Interactive sessions – The course will use informative lectures to introduce key concepts and theories related to the topic.
Presentations – Participants will be presented with multimedia tools such as videos and graphics to enhance learning. These will be delivered engagingly and interactively.

Training Medium

This Aspen capital cost estimator training is designed in a way that it can be delivered face-to-face and virtually.

Course Duration

This training is versatile in its delivery. The training can be delivered as a full-fledged 40-hour training program or a 15- hours crash course covering 5 hours of content each day over 3 days

Pre-course Assessment

Before you enroll in this course all we wanted to know is your exact mindset and your way of thinking.
For that, we have designed this questionnaire attached below.

What is Aspen Capital Cost Estimator’s (ACCE) main objective?
Which sectors of business utilize ACCE most frequently for capital cost estimating?
What is parametric cost estimate, and how does ACCE make use of it?
Give an explanation of the advantages of employing Monte Carlo simulation in cost estimate and a scenario in which it might be used.
Have you ever utilized ACCE to estimate costs for a project? If so, briefly describe the project nature and your experience.

Course Modules

This Aspen capital cost estimator covers the following topics for understanding the essentials of the Agile Workplace:

Module 1 – Introduction to the Aspen Capital Cost Estimator (ACCE)

An explanation of the program’s function and significance for capital cost estimating.
Describe the requirements for the hardware and software needed to run ACCE efficiently.
Step-by-step installation and setup instructions are provided in Getting Started with ACCE.
Tour of the user interface a description of the main elements of the ACCE user interface.

Module 2 – Personalizing ACCE

To adapt ACCE to the demands of a particular project, create and manage custom data fields.
Creating and producing custom reports to satisfy certain project needs.

Module 3 – Data Entry and Management

Setting up a project, specifying its specifications, and choosing its units.
How to submit data, including information about tools, supplies, labor, and other pertinent factors.
Data Import and Export: Methods for bringing data into and out of ACCE.

Module 4 – Management of the project and reporting

Using the project management tools provided by ACCE to monitor development and make changes.
Cost estimates that takes risk analysis into account.
Creating detailed reports for project stakeholders is known as “generating project reports.”

Module 5 – Analysis and Optimization of Sensitivity

Examining the impact of changing the input parameters on cost projections.
Using the optimization tools provided by ACCE, revise cost estimates.

Module 6 – Probabilistic modeling and Monte Carlo simulation

Learning how to include project risk elements into cost estimations.
Monte Carlo simulations are used to evaluate project cost uncertainties.

Module 7 – Reporting and Visualization in Advanced Formats

Developing personalized project dashboards for data visualization.
Investigating cutting-edge reporting tools to conduct thorough project analysis.

Module 8 – Portfolio and Multi-Project Analysis

Multi-project management and analysis within ACCE.
Assessing the financial effects of a portfolio of initiatives.

Module 9 – Integration of Additional Software

Integration with Engineering Tools: How to communicate data seamlessly between ACCE and engineering and design tools.
Discussing integration options with project management tools is part of the integration with project management software process.

Post-course Assessment

Participants need to complete an assessment post-course completion so our mentors will get to know their understanding of the course. A mentor will also have interrogative conversations with participants and provide valuable feedback.

Explain the procedures for creating a custom data field in ACCE. Give an illustration of a situation when it might be advantageous to create a custom data field.
Describe the application of sensitivity analysis to cost estimation in ACCE. Give an illustration of how sensitivity analysis might affect project choices.
What are the benefits of employing parametric models in cost estimation and how does ACCE’s parametric cost estimation work?
What does the Monte Carlo simulation in capital cost estimation accomplish? Give a project example where Monte Carlo simulation may be essential.
How are you going to use your ACCE Advanced Certification in your present position or in the future? How has this course improved your knowledge and skills?

Lessons Learned

Advanced Software Proficiency: Participants now have a thorough understanding of the advanced features, customization possibilities, and integration capabilities of the ACCE software. They are now adept at using the technology for challenging tasks involving capital cost estimation.

Expertise in Parametric Estimation: Participants have gained knowledge about how to develop and use parametric cost estimation models, which can result in more precise and effective cost estimates. They are aware of the subtleties involved in parameter choice and model creation.

The ability to estimate project cost uncertainty and risk using Monte Carlo simulation has been obtained by participants. They are capable of incorporating probabilistic information into their projections.

Customization for Project Needs: Participants have learned how powerful it is to alter ACCE to suit certain project needs. To meet the specific requirements of each project, they can design individual data fields, reports, and dashboards.

Effective Data Management: Participants have mastered sophisticated data management strategies, such as data organization and import/export. They now possess the abilities needed to manage massive datasets within ACCE effectively.

Participants are capable of integrating ACCE with other software tools and systems to improve its usefulness and streamline data exchange with engineering and project management software.

Advanced Reporting and Visualization: Participants have the ability to design their own reports and data visualization dashboards, which makes it simpler to efficiently share project cost information with stakeholders.