There is a following list of general technical terms used by every professional and labor who is working in Chemical plants and oil gas industry.
What is meant by Acceptance?
Acknowledgement by operations that handed-over systems have been completed, and a final punch list agreed by both parties.
What is Accountability?
State of being liable for certain actions to be taken and results achieved. (= Responsibility + Authority)
- Business Control Guidelines FN/05 SIPC
What is meant by Accrual?
The difference between the value of work done by a third-party and payments to date. The difference is accounted for within the Company’s accounts as a liability at the end of each account closing and is reversed out at the start of the next accounting period.
What does it mean Accuracy?
The estimated bandwidth around a predicted or measured result, expressed as +X%/-Y%, which will include the actual result.
What is meant by Activity?
The descriptive name of the unit of work (group of lower level activities or tasks) that has to be carried out. This is a static definition compared to the dynamic process definition of how the work is carried out. Work to be carried out as part of a process characterized by a set of specific inputs and tasks that produce a set of outputs to meet customer requirements.
What is meant by Activity Allowance?
An amount of money added to a cost estimate to account for
known uncertainties e.g. weather downtime, weight growth etc. The resulting estimate is the Base Estimate
What is meant by Activity Executor?
A position of delegated responsibility for the execution and control of certain activities.
What is meant by Agreement?
Two or more parties concur with a view of defining their rights and duties.
What is meant by Analyze?
Part of the Process Management Cycle, where critical assessment of the work performed against the plan, schedule and customer requirements is carried out. PIs should be established by the Process Owner to facilitate this analysis and provide management feedback.
What is meant by Annual Review of Petroleum Resources (ARPR)?
A review of the petroleum resources (reserves) based upon changes to the field parameters as result of exploration and/or studies and cumulative production.
What is meant by Appraisal?
Assessment of potential capability.
What is meant by Approved for Construction (AFC)?
Drawing package approved for construction.
What is meant by As Constructed?
Drawing or document describing the physical situation of the plant on mechanical completion and handover for precommissioning.
What is meant by Asset?
Anything that has value to the Company.
What is meant by Asset Holder?
The position which is accorded single point accountability by the Company chief executive for all aspects of the management, including budgetary control, of a clearly defined asset or group of assets, over part or all of its life-cycle in order to achieve corporate objectives.
What is meant by Asset Reference Plan (ARP)?
The plan that demonstrates that all activities, resources, threats and opportunities for improvement to a facility’s technical integrity have been fully evaluated and the impact on cash flow quantified over the life cycle.
What is meant by Asset Team?
The team of people that start-up, operate and manage the Asset.
What is meant by Asset Type?
A grouping or classification of assets, e.g.: organizational, external, natural, functional, stock assets, human, information, intangible, financial, etc.
What is meant by Audit (External)?
Statutory review of the Company’s books of account, conducted by a third-party accounting firm, on behalf of the shareholders.
What is meant by Audit (Internal)?
The process of independent and systematic review of the business controls of a corporate entity or joint venture, on behalf of its management, whereby it is established that these controls: • are complete and self-consistent; • are cost-effective and efficient • safeguard the company’s resources, both tangible and intangible and promote their effective use; • provide, and protect the integrity of, required records and information;
• comply with applicable laws and regulations.
What is meant by Audit Trail?
Documentary evidence of events and work performed which allows an audit to be carried out.
What is meant by Author?
Person assigned by the Document Owner to write or edit a document.
What is meant by Authorized?
The maximum amount that can be Contract Value spent under a contract, without (ACV) seeking further approval for additional expenditure under the contract from an Authorized Signatory or the Tender Board.
What is meant by Authorized Value?
The maximum amount that can be (AV) spent under a group of contracts, without seeking further approval for additional expenditure from an Authorized Signatory or the Tender Board.
What is meant by Authority?
The right to make, on behalf of the company, decisions which commit the Company to a course of action incurring expenditure, deployment of resources and/or release of information.
What is meant by Availability?
The ability of an item to perform its required function over a stated period of time. Availability is reduced by both scheduled and unscheduled down time (see reliability).
What is meant by Base Estimate?
Comprises the activity estimate plus the activity allowances (i.e. those uncertainties which are known historically to occur). Base Estimates do not carry any contingency or overrun allowances.
What is meant by Basis for Design?
A document which forms the basis for the preparation of the Project Specification.
What is meant by Benchmarking?
A means to measure a parameter, process, organization or strategy against others with the purpose to improve the performance of the same.
What is meant by Bid?
A document submitted by a third-party detailing the terms and conditions with which they will provide the goods and/or services as required and in response to the Company’s enquiry or tender document.
What is meant by Board of Directors?
The group of people, appointed by the shareholders, to direct the Company’s business. The Directors must meet at least annually. Their powers and duty are laid out in the Company’s Articles of Association.
What is meant by Brainstorming?
A technique used in a group to quickly expand thinking to include all dimensions of a problem or solution.
What is meant by Budget?
A summary of the anticipated costs of all activities on clearly defined assets, or group of assets, in a specific time frame.
What is meant by Budget Holder?
An individual to whom the authority for the operation, administration and safeguarding of the Company asset or
activity both physically and financially has been delegated.
What is meant by Budget Item (BI)?
A discrete budget proposal covering a phase of a project or the acquisition of an asset, or set of assets (part or all of a project).
What is meant by Budget Sub Item?
A sum of money within a Budget Item required to provide or construct an element of a project.
What is meant by BUSCOM?
A committee of directors for a specific Business sector of the Company Group.
What is meant by Business Area Analysis (BAA)?
A technique used to analyze the relationship between activities, disciplines and data entities.
What is meant by Business Associate?
An organization or a person with which some form of transaction is made.
What is meant by Business Controls?
The structured means used by management to obtain reasonable assurance that the process meets company objectives, including any link to responsibilities to Stakeholders, e.g. organisation, policy, procedures, supervision and audit and review.
What is meant by Business Model?
Generic description of activities and data entities of a business sector.
What is meant by Business Principles?
The business principles under which the company conducts its affairs. They apply equally to decision making as well as to individuals behavior expected of employees in conducting Company business. This includes mission, vision, codes of practice and key responsibilities to Stakeholders.
What is meant by Business Process?
Logical sequence of inter-related activities, characterized by a set of specific inputs and value-added tasks, that produce a set of outputs to meet corporate and customer requirements. [This is the dynamics of how activities are linked together or how the activity itself is performed, following the PMC.]
What is meant by Business Process Analysis (BPA)?
Technique used to analyze a process by the flow-charting of activities and tasks, and thereafter identifying areas to improve business process performance.
What is meant by Business Process Management?
Planning, execution and control of business processes including elements such as ownership, assessment, monitoring and continuous improvement.
What is meant by Business Process Redesign?
Technique used to radically review and organize business processes at a macro level to bring about major performance improvements; sometimes referred to as re-engineering.
- Business Process Redesign
- Management Handbook – HROL-SIPC
What is meant by Call off Order (COO)?
A simplified form of order for supply of goods and services issued against (and within the terms and conditions of ) an existing supply agreement, contract or bulk order.
What is meant by Calibration?
The precise measurement of control or monitoring equipment to enable it to perform the exact requirements for which it was installed.
What is meant by Capital Budget?
The aggregation of capital Budget items.
What is meant by Capital to Value (C2V)?
C2V is one of the four pillars of the Group’s “Realize the Limit” initiative. The C2V Team facilitates excellent practice in opportunity/project realization.
What is meant by Campaign?
A series of planned activities executed on behalf of process owners and asset holders.
What is meant by Cash?
The money available for employment by the company.
What is Cause and Effect Diagram?
A diagram used to identify, categorize and visually record possible causes of a problem or effect. It helps to sort out and relate interactions among factors affecting a process. The categories often chosen are generally related to man, machine, methods, material and environment. (Note: also known as the fish bone diagram).
What is meant by Certificate of Acceptance?
Certificate issued by authorized QC or QCS group after
successful inspection and/or surveillance.
What is meant by Certification?
Documentary confirmation of compliance with specified
standard or statutory requirement.
What is meant by Change Management Model ?
A conceptual model used to understand change, analyse the
content of change and plan and manage the process of
change. It leads to a plan for the transition which is a result of
having carefully analysed the business and capability gap
between the present and the desired future state.
What is meant by Claim?
A request for payment of a sum of money alleged to be due under a contract.
Following article related to this article and must be read to understand all terms and abbreviations.
- Lecture#7 General Terms for Oil and Gas Engineers and Professionals
- Lecture#6 Offshore Oil and Gas Industry – Abbreviations and Acronyms
- Lecture#5 Oil and Gas Glossary of Terms
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- Lecture#3 Oil and Gas Terms and Abbreviations
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- Lecture#1 Technical General Terms used in Plants, Oil & Gas Industry