Why is Maintenance and Reliability Management Important?
Estimated reading time: 8 minutes Maintenance and reliability management play a very crucial part in any well-functioning production. They help provide the appropriate maintenance on the right assets at the right time. According to study by Mckinsey, it can reduce machine downtime by 30%-50%, and increase machine life by 20%-40%. It also plays a significant role in determining the success and longevity of the organisation. It helps organisations put their resources to best use and ensure maximum efficiency as well as safety in the workplace. Why Maintenance and Reliability Management is Important: Improve Equipment longevity Improve Production quality and quantity…
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What is Bid Management and Tender Evaluation process?
Estimated reading time: 7 minutes An effective bid management and tender evaluation process provides a positive approach towards appointment of suitable suppliers. It builds mutually beneficial relationships. It also improves the quality of the supply chain whilst minimising costs and managing risks. It is critical for both project owner and bidders to be aware of the legalities and practical issues regarding the tendering process. We shall look at in detail both at the bid Management & Tender evaluation process. Bid Management Process A bid is a proposal an organisation makes to purchase the services of a vendor. Bid management is…
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3 Reasons why Supply Chain Management is Important?
Estimated reading time: 6 minutes Supply chain management is important because it increases customer satisfaction & competitiveness. The success of the business links inextricably to the performance of their supply chain. A survey by done Deloitte showed that 79% of companies with high-performing supply chains achieve revenue growth superior to the average within their industries. Effective supply chain management in an organisation improves the efficiency of the plant, warehouse and transportation which provides them a competitive advantage. We will look into primarily 3 reasons- Reduces Operating Costs Improves Customer Satisfaction Improves financial position Reduces Operating Costs Organisations rely on their…
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4 Strategies for Project Risk Management
Strategies for Project Risk Management
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How to Ensure Safety during Transport of Heavy Equipment
Estimated reading time: 6 minutes Safety is very important when it comes to the Heavy Lifting. Lifting and transportation of heavy equipment is a dangerous task. According to the Occupation Safety & Health Administration (OSHA), on average 71 fatalities occur per year. This number is expected to rise if strict measures are not followed. We will look at how to ensure safety during Transport of Heavy Equipment. When working with heavy equipment like cranes or cargo, it poses many hazards, and unsafe working practices can result in injuries and costly damage to materials. During these operations, workers are in a…
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5 Benefits of being a Certified International Project Manager
Estimated reading time: 6 minutes Project Management is becoming more and more complex due to rise in globalisation. Even the most experienced managers find it difficult to understand the great diversity of the cultures around the world. In today’s global business world, organisations are looking for a project managers who have a good understanding of the international environment and recognise the implications on project risks, project timeline, project costs, company shareholder etc. Project management certifications are in demand by companies and recruiters alike. Hence, getting certification can prove to a huge asset to them and will add credibility to their…
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5 Methods for Measuring Succession Planning
Estimated reading time: 6 minutes Succession planning is the process of identifying and developing new leaders who are able to immediately replace old leaders when they leave or retire. Essentially, it is the planning for the continuity of leadership by developing internal people who have high potentials of filling up the key business leadership positions in a company. Managing the succession of talent is a vital strategic process that minimizes gaps in leadership and enables your best people to develop the skills necessary for possible future roles. Succession planning has many benefits, especially for employee engagement. A research showed that 94% of employers…
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5 Tips to Work from Home the Right Way during Pandemic
Estimated reading time: 6 minutes It’s been a while since World Health Organisation announced Covid – 19 coronavirus a pandemic, which has forced companies around the globe to change their work setting. As the number of cases are rising drastically day by day, keeping in mind the safety of the people, more and more companies have asked their employees to work in a home setting. As the situation doesn’t seem to be getting better anytime soon, work from home will become the new normal for many people. For a lot of employees, this might be first time for them to…
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Difference between Demurrage and Detention
Estimated reading time: 6 minutes For those in the business of shipping, delays can be costly. It is common practice for ship-owners to charter vessels in return for freight. When calculating freight, ship-owners take into consideration the period of the charter. Therefore, where a ship-owner has calculated freight based on the time for which the vessel will be in the charterer’s possession and the charterer is then delayed, the owner will lose profit. However, the law provides the ship-owner with a possible remedy. For a shipper, the words “demurrage” and “detention” both mean the same thing in the end –…
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What is the Contractual Structure of EPC Contracts?
Estimated reading time: 7 minutes EPC (Engineering, Procurement and Construction) contracts is a common form of contracting agreement found in the Construction and Oil and Gas industry. The engineering and construction contractor will carry out the detailed engineering design of the project, procure all the equipment and materials necessary and lastly construct to deliver a functioning facility or asset to their clients. Companies that deliver EPC projects are commonly referred to as EPC contractors. The reason why EPC contracts are popular is due to its features and the way it is structured such that both project owner and contractors mutually…
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