Implementation of a Succession Management Plan
Estimated reading time: 4 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. More than just the traditional mentality of coming up with a list of names of potential leaders, succession planning involves management and comprises of an intensive and comprehensive method. It has been shown that organizations who source for new CEOs…
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3 Tips for A Successful HAZOP Study
Estimated reading time: 5 minutes What is HAZOP? A Hazard and Operability (HAZOP) study is a structured and systematic risk management technique for existing process or operation. It is used to identify and evaluate risks to personnel or equipment. HAZOP is often used as a technique for identifying potential design and engineering issues that may cause potential operability problems. The HAZOP team lists potential causes and consequences from these issues. If existing safeguards fail to meet the criteria, the team recommends the action be taken to reduce the risk. HAZOP’s meticulous approach is commonly used with chemical production and…
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What is A Direct Fired Heater? All You Need to Know
Estimated reading time: 4 minutes A direct-fired heater, or an industrial furnace, uses the hot gases of combustion to transfer the heat to the liquids flowing in the heat exchange coils. Direct-fired heaters can either be used in radiant or convection heat exchanges and adopt different configurations according to their applications. The types of configuration vary according to these factors: structural configuration, radiant tube coil configuration and burner arrangement. The different configurations vary accordingly: Structural configuration Radiant-tube coil configuration Burner arrangements Cylindrical Vertical Up-fired Box Horizontal Down-fired Cabin Helical Wall-fired Sidewall Endwall Multilevel Multi-cell box Arbor Source: API 560,…
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How Companies Should Keep Up with the Changing Oil and Gas Landscape
Estimated reading time: 4 minutes The oil and gas industry has always been a turbulent industry, with many factors easily affecting the demand and supply for oil and thus, shaking up the oil prices. Since the oil shock in late 2014 which had led to a 30% decrease in oil prices due to oversupply of oil but sudden reductions in global demand, many companies aim to avoid undergoing the same crisis again. Yet, it is hard for oil and gas companies to venture far from its niche and diversify its business portfolio to soften the impact of any sudden…
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5 Things to Consider Before Submitting a Tender
Estimated reading time: 4 minutes The tendering process is a highly competitive process, where many businesses offer their services and bid for the contracts and projects they seek. For example, government tender requests attract small, medium and large businesses across a wide range of sectors – from office supplies to major construction projects. Bids submitted include a description on how the business can meet the project requirements through the service provide and/or supply the goods requested. They will also need to provide a competitive price for this work. Utilising a well-structured and thought out, tender process allows businesses to…
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Tips to Properly Manage the Corporate Training Budget
Estimated reading time: 3 minutes Though corporate training has been deemed as essential and vital for development and growth, a constraint in corporate training budget is actually one of the most commonly faced challenges for organizations. This perennial problem of limited budget has led to many organizations not investing enough in corporate training, leading to limited performance of employees. The results of an annual survey has shown that SMEs are less likely to invest in training partly due to their lack of resources. Here are some tips that you can follow to ensure there’s enough budget for corporate…
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Joint Ventures in Oil and Gas Industry: Chevron Case Study
Estimated reading time: 4 minutes Joint ventures are no strangers to the oil and gas and energy industry. As much as 71% of upstream investment is spent through alliance or JV relationships. There has also been a recent shift towards innovative deal terms and structures due to global factors such as commodity prices, geopolitical relations and new technologies. So why do joint ventures work well for oil & gas? JVs are especially useful for the oil and gas industry due to the nature and size of investments made in the industry. With that, JVs provide a way for…
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Benefits of Benchmarking in Supply Chain Management
Estimated reading time: 4 minutes In supply chain management, benchmarking is critical to establish resilient operations and to be cost-competitive. With the utilisation of historical information to identify standards and best practices, it enables comparison of past projects’ performance with present projects, allowing for a more informed analysis of the next step to be undertaken. The purpose of benchmarking is to prevent inaccurate estimates leading to unrealistic expectations which will decrease the probability of management success. Furthermore, by evaluating past performance, it encourages the process of reflection – to learn from past mistakes, and also increases the assurance…
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Challenges Organizations Face with regards to Corporate Training
Estimated reading time: 3 minutes The industry for corporate training has evolved rapidly over the last decade, having more organizations with employees themselves yearning for effective training. Even though there are many ways to increase effectiveness of corporate training such as answering these questions, there are still other challenges that organizations face that can hinder the effectiveness of corporate training. Here are 3 of the most common challenges faced by organizations: Change Management Shortage of Employees’ Time Tight Budget Change Management A major international study has found out that the older generation generally lags considerably behind as…
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The 3 Stages of LNG Loading Master Operations
Recent years have seen rapid growth in the global market for LNG, with volumes of exports and imports up 10% in 2018 alone. BNEF’s Global LNG Outlook 2019-2023 sees LNG supply jumping by 33 million metric tons per year in 2019, reaching a record 358MMtpa, with the U.S. Gulf Coast, Australia and Russia commissioning or expanding export facilities. With notable increase in imports this year, Thailand is the region’s leading LNG importer. Fuelled by the growth in LNG demand and LNG buyers, there is an increase in the number of LNG supply projects. Hence, leading to the demand…
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