What is meant by Maintenance?
The combination of all technical and associated administrative actions intended to retain an item in, or restore it to, a state in which it can perform its required function.
What is meant by Maintenance Job Routine?
A procedure setting out the requirements for carrying out a particular maintenance task. It also contains relevant specification data and HSE precautions.
What is meant by Maintenance Reference Plan?
A Maintenance Reference Plan (MRP) is a set of data and decisions, reflecting policies, objectives and maintenance strategies, that presents evaluated maintenance tasks and associated cost implications for the plant and equipment makes up a production facility. Maintenance options and that their priorities are chosen to safeguard technical integrity, minimize loss of production and maximize short-term cash flow.
What is meant by Management Review?
Formal evaluation by line management of the status and adequacy of the Company’s-MS(s) in place in relation to achieving the Company’s objectives and complying with the Company’s policies.
What is meant by Management System?
The system for managing the Company which provides for a structured framework of controls at all levels to ensure that activities are executed in accordance with requirements. One of the key requirements is for continuous improvement.
What is meant by Manual?
A document which gives guidance and contains explanations of rationale for the way a particular aspect is to be approached, and where the resultant practice or method is outlined.
What is meant by Manual of Authorities (MOA)?
A document recording the commercial and financial authorities
delegated by the Managing Director to positions within the
Company.
What is meant by Material?
A physical asset acquired in standard measures to be used either to make an Equipment Item or to be used as a consumable.
What is meant by May?
An acceptable course of action that should be considered.
What is meant by Mechanical Completion?
All checking, verification and testing of the construction and installation work, performed by the respective Fabrication, Construction, Installation and Hook-up Contractor, to confirm that it meets all applicable Rules, Regulations, Codes and Standards, and according to Project requirements as shown in the drawings and documents. The work shall be Ready For Precommissioning when mechanical completion exists.
What is meant by Mission?
Statement of the aims of the company identifying core purposes, tasks and expected roles of the key Stakeholders. Creates a unity or purpose necessary to achieve the vision.
What is meant by Money Of the Day (MOD)?
Costs or revenue expressed on the basis of the value (purchasing power) of money at the time when each cost or revenue is expected to occur.
What is meant by Morale?
An attitude engendered amongst its own employees which benefits the Operating Company.
What is meant by Must Natural Assets?
Mandatory course of action. Naturally occurring assets fundamental to the EP business.
What is meant by Network (Project)?
Scheduling method to determine critical paths of project.
What is meant by Non-compliance?
Failure to follow defined procedures, instructions.
What is meant by Non-Conformance?
The non-fulfilment of specified requirements.
What is meant by Objectives?
Goals which the company wishes to achieve over a long term. Provides basis for judging progress and achievements.
What is meant by Objectives Period Operation?
The programme year plus four subsequent years. Those operating, maintenance and inspection activities performed following acceptance of a system.
What is meant by Opportunity?
A newly conceived possibility for creating wealth.
What is meant by Opportunity Framing?
A workshop process that defines an opportunity and enables answers to the questions:
• Where are we now?
• Where do we want to be?
• How are we going to get there?
What is meant by Opportunity Realization?
The bringing of the opportunity into actuality.
What is meant by Opportunity Realization Process (ORP)?
A five-phase, full-lifecycle process for realizing an opportunity. The five phases are:
Phase 1 – Identify and Assess.
Determine potential value of the opportunity and alignment with the business strategy.
Phase 2 – Select
Generate and select the preferred opportunity realisation concept.
Phase 3 – Define
Finalize the scope, cost and schedule for the preferred concept and obtain project execution finding.
Phase 4 – Execute
Produce an operating asset consistent with scope, cost and schedule
Phase 5 – Operate
Start-up, operate and evaluate the asset to ensure performance specifications and return to shareholders.
The process:
• Defines the opportunity (Opportunity Framing)
• Plans the opportunity (Roadmap)
• Maximises the value of the opportunity (Toolbox)
• Assures the value of the opportunity (Decision-making and Value Assurance)
What is meant by Opportunity Realization Process Toolbox?
A collection of excellent practice processes, procedures, guidelines, the application of which assist the opportunity/project team to maximize value.
What is meant by Opportunity Team?
The team of people that implement the opportunity until completion of selection of the preferred concept.
What is meant by Organization?
How the company is structured to achieve the mission, vision and objectives.
What is meant by Organizational Assets?
Organizational structures whose purpose is to perform specific sets of activities on specific assets.
What is meant by Organizational Position?
The uniquely defined position within an Operating Company or an Organizational Unit which is filled by a single individual.
What is meant by Overrun Allowance?
An amount of money added to a budget, to raise the reliability of the budget to 90/10% probability of underrun/overrun.
What is meant by Patent?
A license which gives the Operating Company exclusive right to an invention of a design or process.
What is meant by Pateto Analysis?
A special form of bar chart used to identify the major effects and causes separating the “vital few” from the “useful many” problems and helping determine which problems to solve and in what order.
What is meant by Payables?
The money under control of the company to which a third-party is entitled.
What is meant by Peer Assist?
Assistance provided to opportunity/project/asset teams by people external to the team in ensuring maximization of value.
What is meant by Pending Budget?
Preliminary or early budget produced at the beginning of the Definition Phase of the Project.
What is meant by Pending Item?
A budget item, included in the Company’s programme expected to be executed as a firm item, but which is awaiting full justification by the Company pending the finalization of timing and/or economic factors.
What is meant by Performance Indicator (PI)?
These are the metrics which are short term in nature, reflect the level of progress made tactically or operationally in optimizing output in line with the set of standards or goals.
What is meant by Performance Test?
The formal testing of the equipment to demonstrate contractual guarantees.
What is meant by Phase?
Each of the five defined phases in the Opportunity Realization Process.
What is meant by Plan?
Part of the Process Management Cycle, where what has to be done is established and the resources needed to do the work are identified. This is done for a given time horizon, usually more than one year. The activity produces a document describing a set of future intentions.
What is meant by Policy?
A guide to managerial action which documents the course of action.
What is meant by Portfolio?
A range of assets held by an organisation.
What is meant by Precommissioning?
The checking, verification, testing, adjustment, calibration, etc. of item assemblies, loops, part of systems or systems which are required to ensure all functional and operational actions are according to applicable Rules, Regulations, Codes and Standards, and according to its designed purpose and intended service including the completion of all applicable documents. These items, assemblies, loops, part systems or systems shall be brought to the stage of Ready For Commissioning when precommissioning is completed. Non operational works after mechanical completion (e.g. flushing, cleaning, loop testing etc.) prior to commissioning.
What is meant by Preliminary Cost Measure (PCM)?
For each work order, an initial breakdown of envisaged activities, priced using the contract unit rates and agreed star rates.
What is meant by Procedure?
Document describing the purpose and scope of an activity and
the specific way the activity is to be performed to achieve a
satisfactory result. An auditable series of steps defining roles,
responsibilities and tasks which transform a defined input into
a defined output.
What is meant by Procedural Specification?
The document that prescribes the requirements with which a (product or) service has to conform.
What is meant by Process Management Cycle (PMC)?
The method by which a process is managed. The cycle comprises a Plan, Schedule, Execute and Analyze plus activities to Improve with a Feedback loop.
What is meant by Process Management System?
A structured framework of controls at process to task level ensuring that the process is performed to requirements including continuous improvement.
What is meant by Process Owner?
A position of delegated responsibilities for the performance (efficiency, effectiveness and adaptability) of a process. This requires in consultation with the process participants to:
• develop and document the process; • identify critical activities and risks; • ensure appropriate controls are in place; • establish performance measurements; • monitor and analyze process performance; • identify and implement improvements
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