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The Lang Factor is an estimated ratio of the total cost of creating a process within a plant, to the cost of all major technical components. It is widely used in industrial engineering to calculate the capital and operating costs of a plant. [1] [2] [3]
Chemical plant cost indexes are dimensionless numbers employed to updating capital cost required to erect a chemical plant from a past date to a later time, following changes in the value of money due to inflation and deflation. Since, at any given time, the number of chemical plants is insufficient to use in a preliminary or predesign estimate ...
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 ...
A cost estimate is the approximation of the cost of a program, project, or operation. The cost estimate is the product of the cost estimating process. The cost estimate has a single total value and may have identifiable component values. A problem with a cost overrun can be avoided with a credible, reliable, and accurate cost estimate. A cost ...
The model then provides as output various resources requirements in cost and time. Some models concentrate only on estimating project costs (often a single monetary value). Little attention has been given to the development of models for estimating the amount of resources needed for the different elements that comprise a project. [1]
The materials balance method for an oil or gas field uses an equation that relates the volume of oil, water and gas that has been produced from a reservoir and the change in reservoir pressure to calculate the remaining oil & gas. It assumes that, as fluids from the reservoir are produced, there will be a change in the reservoir pressure that ...
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