Asset Performance Networks is seeking sponsors for the “Understanding and Improving Early Estimating Practices” research study, part of the company’s joint Industry Benchmark Research Initiative
The Asset Performance Networks (AP-Networks) Benchmark Research Initiative gives Industry leaders a direct line to the AP-Networks Research, Benchmarking, and Predictive Analytics team. Owner-operators help guide AP-Networks’ research to solve challenging, impactful problems facing Industry. You can read more about the Benchmark Research Initiative here.
Turnaround performance is a strategic differentiator between process industry operators. Corporate boards are showing increasing interest in turnaround performance because it impacts annual costs, production losses, asset reliability, debottlenecking and capital improvements, and, ultimately, earnings. Unfortunately, estimating turnaround cost is particularly challenging. Only around 45 percent of turnarounds complete the event within 10 percent of their control-quality estimate.
Furthermore, although early estimates—such as the long-range plan—should help sites establish and achieve competitive targets, the accuracy range of these early estimates is wide, making them ineffective. In fact, a leading cause of turnaround failure is unrealistic cost and schedule targets.
AP-Networks has launched the “Understanding and Improving Early Estimating Practices” research study to address these challenges. Through this study, we aim to:
- Establish accuracy standards for long-range planning estimates
- Develop common standards for maintenance turnaround cost estimating
- Document existing practices for cost sharing between maintenance and capital projects in turnaround events
Interested parties are encouraged to reach out to AP-Networks Analyst Brian Riggs at firstname.lastname@example.org for information regarding study scope and participation and to request a copy of the study prospectus.
About Asset Performance Networks
AP-Networks is the trusted leader for improving asset and operational performance in petroleum, chemical, and energy companies worldwide. We work with our clients’ most critical assets—their people, processes, and production facilities—to help them achieve safe, competitive, predictable outcomes on their high-risk events, namely capital projects and turnarounds. Our consultants are internationally recognized leaders and experts in project management, turnaround management, operations, benchmarking, risk management, and more. Our team leverages proprietary, data-driven tools that help our clients Aim Higher to achieve superior business outcomes and Aim Smarter to drive breakthrough performance. For further information regarding our full range of products and services, please visit us at www.AP-Networks.com.