Cambridge, MA October 24, 2002 Enterprise software provider Aspen Technology (AspenTech) this week rolled out the new version of its solution for investment analysis and economic evaluation in the design and construction of manufacturing plants in the process industry.
AspenTech said version 12.0 of its Icarus solution incorporates a package of improvements and industry cost updates that will help process manufacturers make better-informed and more reliable investment decisions.
Companies use the solution to analyze the potential cost of capital projects, including new plants and revamps for existing facilities. The software is based on the Icarus evaluation engine, which utilizes industry standards, design codes and real-world engineering and construction information.
In the latest release, AspenTech said it has updated the database and analysis tools to help ensure that investment decisions are based on accurate estimates that reflect current global design and construction practices.
"The process industries invest over $300 billion per year in capital projects such as plants and refineries," said David McQuillin, president and CEO of AspenTech. "Intense global competition makes it vital that companies maximize the returns on their assets, and the accurate economic analysis made possible by Aspen Icarus is an essential part of making better quality investment decisions."
The solution combines a range of tools for investment decision-making, including "what if?" scenarios, lifecycle investment analysis, automatic expansion of process simulation models and project management systems. Its evaluation engine uses mathematical models for designing and analyzing the costs of such variables as foundations, structures, piping, electrical equipment, instrumentation and labor rates.
The solution provider said the software can help users identify the best plant capacity, configuration, location and timing of events early in the project decision cycle, and also enables engineering and construction firms to develop project estimates.
Modules in Aspen Icarus include Decision Analyzer, Icarus Process Evaluator, Kbase and Icarus Project Manager. The product is a component of Aspen's Engineering Suite.