Why Should Businesses Invest In Human Capital?

By admin | 21st September 2017

All businesses are made up of three basic economic resources – land, labour, capital. Land is the physical resource that is used to produce the goods or services,; labour refers to the manpower required to transform resources into consumer products; capital refers to the money that can be used to purchase land and labour. From this equation, increasing any of the three factors can potentially lead to business growth. Hence, developing human labour has become an important ingredient in promoting business growth.   Businesses invest in employee training to improve business operations, working towards waste reduction and increasing overall employee...

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Maritime Safety In Singapore Strait

By admin | 18th September 2017

Two fatal collision occurred in the Singapore Strait, resulting in the death of twelve sailors and potentially adding three more to the equation. The collision occurred on 21 August and 13 September, and this has raised safety concerns with Singapore’s plans to be a major maritime hub.   In response to the collision on 21 August, Maritime and Port Authority of Singapore (MPA), has reflected that its Vessel Traffic Information System had alerted both vessels to take the necessary actions to avoid the incident. However, although information was successfully transmitted, the accident could not be averted. It is important to...

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45 Organisations Have Committed To A New Framework For Workplace Safety

By admin | 15th September 2017

On September 4, 45 organisations signed a new accord for workplace safety.   This accord is a new framework that aims to have organisations to express their commitments in improving occupational health and safety for professionals and practitioners. The accord is created in hopes that organisations can carry out the creation and sustainability of healthier and safer workplace.   This accord is initiated by Singapore Institution of Safety Officers (SISO) and organised by the International Network of Safety and Health Practitioner Organisations (INSHPO), calling and urging companies worldwide to adopt similar framework, promoting high standards of practice among health and...

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What Are The Approaches To Estimating Project Cost?

By admin | 12th September 2017

It is difficult to accurately estimate the cost of a project. One of the biggest challenge that project managers faced is that they are held accountable for their budget estimations despite the uncertainties that the project is facing.   Accurate budgeting becomes an essential skill for a project manager, it is important that project managers find an appropriate approach to use to facilitate their project management.   There are two main approaches to take when creating a budget – top-down approach and bottom-up approach. Top-down approach requires the project management to decide how much the project will cost and dividing...

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How To Develop SLAs?

By admin | 7th September 2017

In today’s business climate, management are on the quest to tighten budgets and pressure on resources. Several public and private organisations (including local authorities) are outsourcing services to external organisations under ‘service level agreements’ or ‘service level contracts’.   SLA (Service Level Agreement) is defined as a contract between a service provider and a customer. It includes (in detail) the nature, quality and scope of the service to be provided. SLAs can be lengthy and complex, but they are essential in providing good service and maintaining a pleasant working relationship between vendor and customer.   How to develop SLAs?  ...

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The Future of Gippsland Basin

By admin | 5th September 2017

CGG[1] has commenced the start of Gippsland ReGeneration 3D reprocessing project in Australia’s premier Gippsland Basin. This project will be presenting the highest-resolution 3D seismic data available in this industry.   Imaging the Gippsland Basin’s shelf break and various submarine channels is an arduous task. The introduction of CGG’s technology, this project will bring forth significant reservoir imaging improvements, reveal potential deep reservoir targets and improve the industrial understanding of the basin.   The Gippsland Basin has recorded to produce over four billion barrels of liquid hydrocarbons and seven trillion cubic feet of gas. The first recorded offshore discovery was...

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Dealing With Talent Crunch In Singapore

By admin | 5th September 2017

In the second quarter of 2015 Singapore saw a decrease in the number of job vacancies and an increase in unemployment rate. Statistics have shown that unemployment rate is still increasing. “With increasing volatility in the global economy, including China’s economic slowdown, it is not surprising that employers may be more cautious in their hiring in order top protect themselves against the full impact of economic instability.” – Michael Smith, Randstad Country Director – Singapore Local bosses are increasingly looking to align job scopes and leverage on technology to reduce labour costs. Hence it is important for both the job...

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What Is Systems Thinking?

By admin | 5th September 2017

Systems theory is one of the major breakthroughs in the understanding of organisations. It studies organisational systems from the perspective of the whole system, the various subsystems and the recurring patterns in the relationship between the subsystems. System theory has a great influence on how we understand and change organisational structure. “Systems Thinking is the art and science of making reliable inferences about behavior by developing an increasingly deep understanding of underlying structure” – Barry Richmond, American systems scientist Simply put, it is a management discipline that concerns an understanding of a system by examining the linkages and interactions between...

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Why Is It Important For Companies To Invest in Training and Redevelopment For The Employees?

By admin | 5th September 2017

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?

By admin | 5th September 2017

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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