Why Is It Important For Companies To Invest in Training and Redevelopment For The Employees?
For a workforce to maintain its productivity, human resources must invest in training and development. To better engage the employees and reduce turnover, HR department ought to see the value in training employees for their current jobs and use development initiatives to prepare them for future skills and responsibilities. How can they do that? Shadowing and cross-training “Some of the best training opportunities are in-house. Allowing employees to pursue their interests and make the time to shadow a colleague in a related field or in a higher position benefits both the employees and the company.” – Angela Nguyen, Vice President…
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How To Achieve Effective Cost Management?
Typically, cost management is concerned with the process of planning and controlling the budget of a project or business. it is inclusive of activities such as planning, estimating, budgeting, financing, funding, etc. Cost management is incorporated into the full life cycle of a project from the start till the end. There are typically four steps to an effective project cost management. They are resource planning (or also known as Planning Cost Management), cost estimating, cost budgeting and cost control. Resource planning Effective resource planning helps the project manager determine how much manpower, raw material, equipment, facilities, etc. is required to…
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Tips On Achieving Successful Contract Negotiation
B2B sales negotiations is not a simple task. It requires careful steps by both the seller and buyer. How can we ensue success in our contract negotiation? Here are some tips to aid you in your negotiation process: – Enter a negotiation when you have an agreement in principle In a negotiation, discussion on pricing model is inevitable. However, while issues surrounding costing is important, they should not be the main focus of the negotiations. The main focus of the negotiation should surround on whether the product can solve the problem of the company and how can it do so.…
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Understanding QRA Guidelines
Understanding risk is vital for sound and cost-effective decision making and for establishing a technical risk picture for the entire asset lifecycle. Risk assessment is the overall process of identifying and analysing risks, and evaluating how it might be modified to maintain appropriate levels of safety and to satisfy regulatory and corporate criteria. A Quantitative Risk Assessment (QRA) is a formal and systematic approach to estimating the likelihood and consequences of hazardous events, and expressing the results quantitatively as risk to people, the environment or the business. On top of that, it also assesses the robustness and validity of quantitative…
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3 Case-studies Of Gas Explosions In Asia
Fires are the accidents that occur most frequently, their causes are very diverse and require intervention methods and fire risk assessment techniques that are unique to each situation. Here are 3 case studies of three gas explosions that occurred in Asia: Singapore, Leeden National Oxygen On October 2016, a faulty laboratory equipment caused an explosion at a jurong industrial gas supply firm, injuring seven and one death. Reports had stated that the blast created a huge impact, blowing two workers off their chairs, and caused part of the laboratory ceiling to collapse. Leeden National Oxygen is a company speciailising in…
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Important Soft Skills Needed In The Oil & Gas Industry
The oil and gas sector faces a global shortage of experienced technical personnel. If companies in the sector do not develop leaders to create the right working environments will find it harder to retain and motivate talent. “Hay Group research shows leaders who engage the right styles of leadership will energise and motivate their teams, and retain their high performers.” More often than not, leadership programmes in the oil & gas sector focused on helping employees to acquire ‘hard skills’. Hard skills such as managing budget, forecasting, project management and many more. However, in order for leaders to be effective,…
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Tips On Running A Successful Tender Process
The primary function of a procurement office is to obtain the required items at the right time, in the correct quantities and at the most favourable prices. As a process and a concept, tendering is basically a simple undertaking in which everyone involved understands where tenders come from, what information must be made available, and when and how each stage of the process is dependent on the other. The procurement department will: – Compile a list of requirements Identifies potential suppliers Selects the most cost-effective supplier for the organisation Make sure that the suppliers comply with contract terms And many…
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What Are The Benefits Of Applying HFE In The Oil & Gas Industry?
There are several efforts to mitigate serious failings in the safety management system. While there are stark improvements, incidents such as the Deepwater Horizon had shown us that more work has to be done.[1] The discipline of Human Factors Engineering (HFE) entails the application of HF’s essence to the design and operation of socio-technical systems. “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 In order to…
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What Is The Key To Preventing Cost Overrun?
There are several uncertainties in project management. These uncertainties and the various stakeholders involved in projects result in the difficulty of the managing the cost, resulting in cost overruns. Cost overruns are often regarded as one of the most critical issues during execution of projects. “Cost overrun occurs when the final cost of the project exceeds the original value at the time of completion” Here are some factors (but not limited to) that contribute to cost overrun of projects: – Inaccuracy of cost estimate Difficulty in achieving the design of the drawings that form the basis of the project Inaccurate…
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How Can You Develop Organisational Intelligence?
To be keep up with challenges, organisations need to be innovative and adaptable to changes. While there have been much talks and thoughts on leadership as key to organisational success, it is important that we recognised majority of organisational success to their ability to respond to change and complexity intelligently. “Organisational intelligence is the capacity of an organisation to create knowledge and use it to strategically adapt to its environment or marketplace.” Traditionally, organisations were viewed as a centre of tasks, products, employees, profit centers and operations, today, scholars and management experts see them as intelligent systems designed to manage…
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