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Techno-economic analyses are usually performed using a techno-economic model. A techno-economic model is an integrated process and cost model. It combines elements of process design, process modeling, equipment sizing, capital cost estimation, and operating cost estimation.
A cost estimate is often used to establish a budget as the cost constraint for a project or operation. In project management, project cost management is a major functional division. Cost estimating is one of three activities performed in project cost management. [3] In cost engineering, cost estimation is a basic activity. A cost engineering ...
A cost estimator will typically use estimating software to estimate their bid price for a project, which will ultimately become part of a resulting construction contract. Some architects, engineers, construction managers, and others may also use cost estimating software to prepare cost estimates for purposes other than bidding such as budgeting ...
Cost engineering is "the engineering practice devoted to the management of project cost, involving such activities as estimating, cost control, cost forecasting, investment appraisal and risk analysis". [1] "Cost Engineers budget, plan and monitor investment projects. They seek the optimum balance between cost, quality and time requirements." [2]
A representative pressure–volume diagram for a refrigeration cycle. Vapour-compression refrigeration or vapor-compression refrigeration system (VCRS), [1] in which the refrigerant undergoes phase changes, is one of the many refrigeration cycles and is the most widely used method for air conditioning of buildings and automobiles.
The condenser coil of a refrigerator. In systems involving heat transfer, a condenser is a heat exchanger used to condense a gaseous substance into a liquid state through cooling. In doing so, the latent heat is released by the substance and transferred to the surrounding environment. Condensers are used for efficient heat rejection in many ...
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