Engineering and maintenance projects call for complex engineering and business tradeoffs with due regard to compliance with regulatory and code requirements. A sound understanding of the key aspects of project objectives, drivers, constraints, and profitability is crucial for the success of a project. Fast-track schedules demand faster, more accurate technical and economic decisions earlier in the design process, when engineers and business managers least understands project costs. Consequently, many process facilities cost more than they should.
Using the appropriate evaluation techniques and skills, engineering and economic decisions can be reached faster, more accurately, and with greater confidence, avoiding costly project delays and potential rework.
In cases where there is competition for resources between several technically viable projects, cost and schedule factors play a key role in ranking the projects based on their profitability. Similarly, costs and schedules have a major impact on the selection of the most cost effective maintenance option from among several alternatives such as repair/replace or long/short term repairs.