About this course
Enable your engineers to make data-driven and financially founded decisions about your assets. Help them to “speak finance” by calculating the life cycle costs of different asset options, quantify the value of improvement projects and compile a sound business case to substantiate their recommendations.
One of the biggest frustrations for engineers is the need to motivate and justify their ideas and decisions in financial terms to get funding. They are often confused by the financial jargon and paralysed by their inability to convert a technical solution into a financially viable one.
Pragma has developed a training course to address this specific need in a highly practical way. It explains complex principles such as life cycle costing, equivalent annual cost and ROI in a logical way and life cycle through real-life case studies.
Pragma has combined its 30 years of asset management experience with the expertise of some of our blue-chip clients to develop a unique training programme that gives engineers the competence and confidence to make data-driven and financially based asset management decisions.
Identify the need to support decision-making with good financials which considers the full life cycle of the asset
Compile a compelling business case to justify an improvement project based on its financial returns, investment requirements and risks
To recognise and be able to use financial modelling, with sensitivity analysis and even scenario planning to inform decision-making
Categorise and quantify the value of an improvement project
Explain and use financial terms like the time value of money, return on investment and sunk costs
Use life cycle cost (LCC) principles to calculate net present value (NPV) and the equivalent annual cost (EAC) of an asset
Use LCC principles to inform asset acquisition decisions, to determine the optimum replacement cycle of an asset type (critical for budgeting), to motivate repair and refurbishment options, to inform end-of-life replacement decisions and to select the optimum asset tactics
Who should attend?
- Technical managers
- Reliability engineers
- Engineering managers
- Maintenance engineers
- Continuous improvement engineers
Format and duration
- 3-day classroom training
- 24 notional hours blended learning over six weeks
- Excel templates to calculate LCC and EAC
- Excel templates to facilitate the financial decision-making process
- Template for a business case
- ECSA endorsed for 3 CPD points