4 Most Used Cost Estimation Techniques Used By Project Managers
Every project manager aims to provide the most accurate cost estimate. The better the accuracy of a cost estimate, the better the organisation is able to plan and manage it’s resources. Although there are many ways to do so, here are the four main techniques used. Analagous Estimation Analagous estimation, or also known as top-down estimation, is a tool that taps on previously completed projects to provide a cost estimate. It is a quick method and requires little data to do so. However, this also means that estimates produced are not reliable due to the difference in local factors,…
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3 Tips To Be An Efficient Loading Master
Firstly, what are the responsibilities of a Loading Master? A Loading Master oversees coordination of all activities related to bulk carrier vessels. They manage the loading, transfer and discharge of all cargoes whilst maintaining safety standards. Responsibilities include the timely arrival of the ship, accuracy of all paperwork and communicating to all parties involve at every stage of terminal operations. Here are three tips to be an efficient Loading Master: Have expert knowledge Knowledge is power, and especially so for Loading Masters. Oil terminals are required to comply with all international, national and local regulations. Hence, Loading Masters need to…
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Increasing Workplace Safety through Human Factors Engineering
“The objective of HFE is to ensure systems are designed in a way that optimizes the human contribution to production and minimizes potential for design-induced risks to health, personnel or process safety or environmental performance.” – Association of Oil and Gas Producers Human Factors Engineering (HFE) is the discipline of applying what is known about human capabilities and limitations to the design of products, processes, systems, and work environments. It can be applied to the design of all systems having a human interface, including hardware and software. Specifically, for the oil and gas industry, these examples include human-machine integration, emergency…
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Understanding The Importance of Effective Corporate Communication Today
The increasing importance of corporate communication highlights the need for organisations today to communicate effectively. Global standards for corporate communications have been set, and it is key that organisations today are able to meet them effectively. “You can have the greatest idea in the world, but if you can’t communicate your ideas, it doesn’t matter.” – Steve Jobs What is corporate communication? Simply put, it is the voice of an organisation. It is the voice that is heard both internally and externally. If not monitored properly, it could cost the organisation tons of money and damage it’s reputation. Organizations today…
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Decommissioning & Abandonment 2018
Decommissioning is the administrative and technical actions taken to allow the removal of some or all of the regulatory controls from a facility. – International Atomic Energy Agency (IAEA) Once any production facility is not economically viable, it creates the need to shut down the facility, make is safe and protect the environment effectively. Coupled with advances in technology, and new sources of energy also mean that the amount of resources that need to be decommission will also increase. In BSEE’s[1] 2010 Decommissioning Cost Update, it was forecasted that over the next 15 years, over one billion US Dollars will…
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Practical A-Z Guide to Laytime And Demurrage 2018
Laytime and demurrage comprise one aspect of English maritime law in relations to voyage charters. ‘Laytime’ refers to the period of time agreed between the parties during which the owner will make and keep the vessel available for loading or discharging without payment additional to the freight. ‘Demurrage’ refers to the agreed amount payable to the owner in respect of delay to the vessel beyond the laytime, for which the owner is not responsible. Laytime and demurrage constitute a complicated field, both from a technical and a legal standpoint. Due to this complexity, laytime and demurrage give rise…
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Pipeline Pre-Commissioning
Pre-commissioning is generally considered to include the preparation and integrity verification or structure upon completion of construction/installation and prior to commissioning. Pre-commissioning includes all or the combination of operations to allow the pipeline or system to be cleaned, internally gauged pressure tested and dewatered and/or dried. Sometimes there can be a final operation to prepare the pipeline for product by introducing an ‘inert’ nitrogen blanket in preparation for hydrocarbon production. However, this is often considered to be a commissioning activity. De-commissioning can also be considered within the realms of the pre-commissioning discipline, allowing preparation of existing systems or…
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Leadership In The Oil And Gas Industry
The production of oil and gas is a key industry in the primary sector, henceforth the skills and competencies of this workforce is vital to ensure safe and reliable oil and gas extraction. Only by having a safe and skilled workforce, can the oil and gas energy industry be sustained and security of supply be maintained. Over the past few decades, the industry has built up considerable expertise, and this was shared across the globe with global exploration and production networks through human mobility. However, the need for continuing staff training and skills development is essential for the…
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New Workforce Safety Policy Enforced In Singapore
In Singapore, from January 2018 onwards, the law will clam down harder on companies that neglect workers’ safety. The new policy that was passed down on 6 November 2017, stated that companies that are found guilty of serious workplace safety breaches could be fined up to $50k. Hazardous practices includes:- Firms’ failure to provide protective structures that prevent falls Not appointing authorised people to supervise dangerous works Singapore government aims to halt all unsafe work practices before any incidents can occur. This policy is implemented due to the surge of such potentially serious cases that has doubled…
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What Is Instrumented Safety System?
Instrumented safety systems have in place for a long time to fit protective systems to industrial process plant. These systems are independent of the normal process control, and have implementations in place to render the plant safe in the event of a malfunction. It was until recently, that such systems have been designed with accordance to industrial best practices within the company or local level code of practice. The broad acceptance of IEC 61508/IEC 61511 standard is given safety equipment and users a common and universal framework on which to design products and systems for safety-related applications. …
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