Evaluating capital cost estimation programs

Abstract

Capital cost assessment is an integral part of process design when building or expanding a chemical process plant. CapCost, EconExpert, AspenTech Process Economic Analyzer (Aspen-PEA), Detailed Factorial Method (DFP) and Capital Cost Estimation Program (CCEP) were evaluated using seven case studies taken from textbooks. The cost estimates are compared and analyzed at both the equipment and plant levels to uncover the relative strengths of each of the programs used. AspenPEA has the most equipment types available out of the five programs. DFP is the most limited in that regard. For fixed-head heat exchangers and pumps, there is greater deviation in both purchase and total module costs among different programs studied. Since material, pressure and installation factors vary in different methods in calculating total module cost, capital cost estimates may differ. Although based on different methods and developed in different platforms, all five programs are user friendly and are useful tools for estimating the capital cost of chemical process plants.