| Issue |
SHS Web Conf.
Volume 49, 2018
International Cooperation for Education about Standardization 2018 (ICES 2018) Conference Joint International Conference with 5th ACISE (Annual Conference on Industrial and System Engineering) and World Standard Cooperation Academic Day
|
|
|---|---|---|
| Article Number | 02004 | |
| Number of page(s) | 7 | |
| Section | Engineering | |
| DOI | https://doi.org/10.1051/shsconf/20184902004 | |
| Published online | 02 October 2018 | |
Neural network method for control valve cost estimation on the EPC project bidding
Industrial Plant Department, PT Wijaya Karya (Persero) Tbk, Jakarta, Indonesia
* Corresponding author: almaghribi@wika.co.id; rendra.agus@wika.co.id
Cost estimation on the bidding phase is a crucial stage that determines the success of the Engineering, Procurement and Construction (EPC) project. If the cost offered to the client is too high then it could not compete with the other bidder, but if the cost offered are too low it can reduce profit margins and result in losses for the EPC companies. This paper describe the use of Back Propagation Neural Network method to help determine cost estimation. This method is applied specifically to determine control valve cost estimation on the bidding phase so that the retrieved costs will be accurate. When there is no technical and price quotation from vendors as well as the narrowness of the bidding processing time, this method can be an alternative choice to determine the price based on previous vendor quotation. In the future, this method could be developed and applied for other instrumentation equipment such as transmitter, switch, analyzer, control system and others to achieve total cost estimation of instrumentation equipment in EPC bidding proposal.
© The Authors, published by EDP Sciences, 2018
This is an open access article distributed under the terms of the Creative Commons Attribution License 4.0 (http://creativecommons.org/licenses/by/4.0), which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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