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Overview of the problem.pptx

  1. Overview of the problem We will talk about the procedure for creating and framing the challenge question in this article. Contest Concepts Let's establish a baseline for our understanding of what a challenge is before we examine the procedure for developing a challenge question. An event that has a time limit is a challenge, unless it's an Always On Challenge. It typically specifies to the audience when it will begin and end. Challenges are always centered on a particular problem or even a theme. In general, these inquiries are far more narrowly focused than a conventional catch-all suggestion box. Organizational alignment is a crucial topic to cover when describing a challenge. When it comes to generating and delivering ideas, the challenge question and timing are typically coordinated with the organization. This is frequently ensured by connecting the organization to the question. The component of delivery, which is also connected to organizational alignment, comes last. Every difficulty calls for a focus on the process for transforming concepts into actual initiatives and goods. What It Does
  2. • The Implementation Process The "road to implementation" is the fundamental word used in relation to any challenge. A challenge carries a real risk of failing without this. When starting a challenging assignment, it ought to be the first thing on our minds. The process of turning a concept into a project is referred to as implementation in this context. Concepts, however mature ones, are placed into the system as ideas until they are chosen as winners. The ability to put ideas into practice is actually a crucial predictor of success when assessing the health and success of a program. It goes without saying that projects, services, and products that result from the innovation program typically have measurable financial or cost benefits. This is always done to gauge the program's return on investment. A few companies are continuing to invest in and extend the lives of their projects, even as the Oil and Gas industry as a whole begins to concentrate its efforts on decommissioning and the transition to a world where oil production, if not oil usage, will form a smaller part of the global energy mix.
  3. • The Implementation Processits efforts on decommissioning and the transition to a world where oil production, if not oil usage, will form a smaller part of the global energy mix. Perhaps the most prominent example is Equinor's Statfjord field, where the company recently announced that the Statfjord A platform would continue to produce oil through 2027, just shy of its 50th year of active operation. Over the course of the field's lengthy existence, it is estimated to have generated $180 billion in revenue, and with the drilling of 100 new wells planned, the operators appear confident that despite the general industry trend, The project is similar to Equinor's expansion in that it increases the field's potential production by more than two million barrels of oil equivalent and emphasizes optimism and the bottom line on a smaller scale. Rockrose's project's long-term viability and how the expansion work will fit into a sector that, despite a few exceptions, appears dedicated to decommissioning, remain to be seen. The North Sea oil and gas industry is increasingly relying on decommissioning. End of 2019 research from Oil and Gas UK stated that over the following 10 years, the UK offshore sector is likely to spend over $19 billion on decommissioning, with well decommissioning accounting for 45% of the anticipated spending for oil and gas businesses.
  4. • Rockrose, however, is unfazed, with managing director Peter Mann noting that "extending field life and delaying decommissioning is part of the company's strategy. That is consistent with the plans at Ross and Blake. The company intends to invest $250 million into the two fields in which it holds a 30.8% stake to pay for new drilling work that will In a time when much of the industry is focusing on decommissioning, this upbeat investment comes after a successful few years for the business that have inspired Rockrose to take a more proactive, expansionist approach to its assets. As a result of increased productivity at its facilities in recent years, Rockrose reported an increase in yearly output of 117% in 2019 compared to 2018 across all of its North Sea properties. Furthermore, the company is confident that its projects will continue to be fruitful and profitable because there are over 100 million barrels of oil equivalent beneath its platforms on the UK Continental Shelf (UKCS) alone.
  5. • Mann also wanted to highlight Rockrose's current dedication to proactive asset acquisition and ensuring high standards of occupational health. But according to Mann, this ongoing expenditure is simply a reflection of the UK's shifting oil and gas market.
  6. • The UK North Sea still presents a sizable prospect, according to Mann. There is a change in leadership in the UKCS, as some of the bigger international companies are shifting their attention elsewhere, which presents opportunities for smaller, flexible, and ambitious businesses with strong balance sheets, like Rockrose, to acquire the assets and maximize their economic recovery and potential. Rockrose's vision of smaller projects with big financial margins might come true should the oil and gas industry change away from these large, less flexible enterprises with decades-old projects and toward these smaller, more nimble firms with fewer assets. The company declared an end-of- year balance of $203 million at the end of 2019, compared to $38 million at the end of 2018, even though $248 million was invested in the Ross and Blake fields as part of the most recent phase of expansion alone.
  7. • For those keen to pursue asset expansion at this time, financial concerns will undoubtedly persist, but Rockrose is demonstrating that there may be a route forward for independent businesses prepared to take these kinds of financial risks. The dual objectives of asset management are to increase value and reduce risk. In other words, the client's risk tolerance is the first thing to be discussed. Risk-averse individuals include retirees who rely on portfolio income and pension fund administrators who manage retirement assets. Any adventurous person, especially a young person, would wish to experiment with high-risk ventures.
  8. • The majority of us fall somewhere in the middle, and asset managers work hard to pinpoint that position for each client. The asset manager's job is to decide which investments to make or steer clear of in order to help the client achieve their financial objectives while staying within the bounds of their risk tolerance. Among the most well- known options for investing include stocks, bonds, real estate, commodities, alternative investments, and mutual funds. It is expected of the asset manager to carry out thorough analysis utilizing both macro and microanalytical methods. This involves reviewing corporate financial records, statistical research of current market patterns, and anything else that might help achieve the stated objective of client asset appreciation.
  9. • To lay the groundwork for a successful APM program, an extensive and structured system incorporating asset integrity management software is needed. Many asset owners carry out routine preventative maintenance, including a cleaning or part replacement program that is based on a timetable. Utilizing quantitative risk-based inspection or failure mode, effect, and criticality analysis is a preferable strategy. To accomplish this, DNV works with our clients to rank system and equipment criticality depending on the asset type and risk levels. This is done through risk-based inspection (RBI), safety integrity level (SIL) evaluation, and reliability- centered maintenance (RCM). Making these assessments can help businesses create pertinent maintenance and inspection strategies to manage hazards.
  10. • Integrating DNV's RAM capabilities into asset management programs can help businesses succeed even more (Maros & Taro). You may model an asset's performance over its whole lifetime in terms of availability, production effectiveness, and profitability using reliability, availability, and maintainability (RAM) analysis. RAM can be used to identify performance indicators (such as production efficiency/availability) and rank the "bad actors" who cause the majority of production losses when combined with an asset management system. A piece of equipment that frequently fails owing to poor design or construction is said to be a bad actor. This enables owners to make use of real operational data, gain understanding of the key causes of production losses, and concentrate efforts on enhancing the efficiency of these key causes of downtime. Given this,
  11. • Asset integrity management implementation for ongoing improvement The key to a successful APM implementation is having a successful asset integrity management system. An asset management platform called Synergi Plant was created specifically for the processing industry to support businesses with a strong work process that fosters continuous improvement. It turns into a crucial management system that guarantees dependable and safe operations for the duration of the asset's life.