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Your project proposals must capture and quantify the multiple benefits of operational or technology improvements if you’re to avoid costly project scope definition later. This online course will bring you up-to-date on the basics of value propositions - including metrics, models, strategies, and best practices—so you’ll be ready when it’s time to develop your next project proposal.
Will your project deliver reduced operating costs? Improved capacity? Capital cost savings? Take this course to learn how to translate the technical objectives of your chemical process projects into value creation and, using simple models, quantify their benefits in financial terms. You’ll gain a solid foundation in the philosophy and metrics of value propositions, the capital and operating components, cash flow considerations and the difference between need-based and opportunity projects. You’ll then focus on operational improvements and how to figure the value of reliability improvements and process control improvements. The course goes on to address technology improvements, including different types and goals, as well as conversion, selectivity and yield issues. Real-life examples throughout the course will illustrate how to eliminate off-spec material reruns, calculate utility charges for maintenance activities, optimize multi-product campaign strategies, value multi-step reaction and distillation improvements, and more.
Use various metrics to quantify a value proposition
Define the financial term “margin”
Develop value propositions for plant reliability improvement projects
Create simple material balance models to yield improvement studies
Tie campaign strategies to available storage and calculate savings from different strategies
Organize a team approach with an efficient work flow
Anyone who develops project proposals, is involved in project evaluation related to technology or manufacturing improvements or helps to fill the new idea pipeline will benefit from this course. It will be especially useful to those in the commodity chemicals or specialty chemicals industries, including:
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AIChE Practice+ provides learners with opportunities to work on real-world challenges through industry internships and competitions.
With AIChE Career Discovery®, we'll help you to identify aptitudes and skills you’ll need in order to achieve your full potential at various career stages.
AIChE Credential validates your proficiency with potential employers in areas such as process intensification, safety, sustainability and others.