FINANCIAL IMPACT OF MENTAL ILLNESS AND HOW TO MEASURE THE CONSEQUENCES

This article shows the economic impact of mental illness, as well as various cost-estimating approaches. To assess the burden of mental diseases, there are three different ways: the human capital, the economic growth and the value of statistical life approach. The first focuses on indirect and direct costs. Moreover, the effect of mental illness on economic development can only be approximated implicitly. Thus, the lack of production is primary estimated for somatic conditions compared to their corresponding quantity of disability-adjusted life years (DALYs). The total economic productivity drop associated with mental illnesses between 2011 and 2030 is rated to be US$16.3 trillion globally. Furthermore, the value of statistical life (VSL) method suggests that trade-offs between risks and capital should be used to assess the probability of injury or death due to psychiatric illness. This computation is equivalent to that of cardiovascular disease and bigger than that of cancer. However, greater activism is required to better the existing condition.

Cost estimates in designing objects at the modern stage of civil shipbuilding development in Russia: Problems and prospects

Subject. The article addresses cost estimation of designed facilities construction in domestic civil shipbuilding. Objectives. The purpose is to consider the key problems and contradictions in the cost estimating process in this area. Methods. In the study, I apply general scientific methods. Results. The paper presents the analysis of major problems and contradictions in estimating the cost of construction of designed objects of domestic civil shipbuilding at the present stage of its development. I formulate my proposals for improving the system of industry pricing. Conclusions. The paper underpins the need to modernize industry pricing through the introduction of advanced information technologies.

Assessment of Construction Project Cost Estimating Accuracy in Egypt

Background: The accuracy of the cost estimate is a key success factor for any construction project. It is the base for an effective tendering process. It can also be considered as the cornerstone of the cost control process. Objective: This paper aims to develop a model that can be used to assess the expected cost estimating accuracy of construction projects. This model is named as Construction Cost Estimate Accuracy Index (CCEAI). Methods: A questionnaire survey that contains fifteen factors clustered into four categories was carried out among 90 experts based on the construction cost estimate. Only sixty-six questionnaires were returned. The Analytical Hierarchy Process (AHP) was used to identify the relative weights of the different cost estimates. Results: The questionnaire results were analyzed using the AHP technique to calculate the relative weight for each of the input factors and categories. A Construction Cost Estimating Accuracy Assessment model (CCEAI) was developed based on the calculated relative weights. Then, three projects were used as case study applications to check the validity of the proposed model. The results showed that the CCEAI model is greatly reliable in predicting the expected accuracy of the cost estimate. Conclusion: The results of this research and the developed model are very important and can be considered as a powerful tool to predict and improve the expected accuracy of any future construction cost estimate.

Digitalization of Decommissioning Cost Estimation Process for Upstream Assets

The paper provides an insight on how has addressed PETRONAS has addressed its pain points on limited resources, simplified work processes with reliable auditable tool for decision making through digitalization. PETRONAS is currently performing its annual budgetary assessment for all Malaysia assets which consist of more than 300 platforms with close to 600 pipelines and other assets eg. terminals, subsea systems & floating structure. With limited timeline and resources to establish decommissioning cost, the consistency and quality is vital for estimating work to improvise process efficiency and cost effective via digitalization. The process improvement requirements are pooled and possible digitalization takeovers are studied in detail via stakeholder engagements, technical workshops and lessons learned analysis. The method is solely based on digitalization of bottoms-up cost estimation process which has been embedded in a single tool to fix and standardize all technical and commercial basis. The tool has been developed with taking into all technical and commercial aspects in decommissioning offshore assets. Twelve base options which include reefing options, cutting methodologies, cost sharing execution strategies have been embedded in the tool. Based on the digital approach, it has been proven that cost estimation process duration has been optimized up to 60% for all Class V- and Class IV decommissioning cost estimates which is equivalent to 3,600 manhours for 1000 facilities. Furthermore, consistency in cost estimation approach and robustness in developing cost estimates for multiple options for decision making has been guaranteed with the centralization cost estimating approach via digital platform. Centralized digital depository of the technical inputs, basis and assumptions are also crucial to ensure this essential data could be retrieved in the future as most decommissioning projects would only be executed during the tail end of a facility’s production life.

A Generic Cost Estimating Approach for a Composite Manufacturing Process Assessment

Cost estimation helps build confidence in the feasibility of the development of novel manufacturing processes. This paper focuses on the exploration of the cost estimation for novel manufacturing processes for decision support. One of the aspects of estimation is building credibility around the analysis, especially, in the early stages of planning. Cost estimating guidelines provide a good overview of the cost estimation steps but there is a requirement for guidelines for cost estimation model development. Through building on an understanding of the cost estimation principles, as well as cost estimation modelling, a high-level generic approach for process cost estimation is proposed. Further, a demonstration of a cost estimation modelling approach used for composites manufacturing in the automotive sector is provided, outlining the steps in cost estimation model development.