Archives: Glossary: 24 terms
The process of integrated engineering involves multiple engineering disciplines working in conjunction with other project disciplines to execute a capital project using digital tools within the digital execution architecture. This high degree of integration is one element leading to improvements in schedule and cost.
Single source of truth (SSOT) refers to the practice of structuring information models and associated data schema such that every data element is stored exactly once. Linkages to this data element are by reference only. Because all other locations of the data just reference back to the primary “source of truth” location. Any updates to the data element in the primary location propagate to the entire system without the possibility of a duplicate value somewhere being forgotten.
A technical data portal (also known as digital project hub) is a web-based application that allows users to organize, validate and collaborate on asset data and documents regardless of their source and location. All the project information from multiple systems is stored in one place where all project participants have access to it. Some applications can also link related information and can compare data.
The total cost of ownershipThe total cost of ownership refers to the total cost of owning an industrial asset throughout its full lifecycle, from design and construc... refers to the total cost of owning an industrial asset throughout its full lifecycle, from design and construction through operations and decommissioning. Where TICrefers to the final cost of designing, fabricating and building a capital project or industrial asset. is project-based, the total cost of ownership, or TCO, is a long-term concept.
The total installed cost refers to the final cost of designing, fabricating and building a capital project or industrial asset. Various phases or components of a capital project are assigned a value based on a percentage of the total installation costThe total installed cost refers to the final cost of designing, fabricating and building a capital project or industrial asset. Various phas... or TIC. For example, engineering may account for 10% of TIC.
A verifiable audit is a means of creating an audit trail on electronic records to prove compliance and to ensure information accuracy. This process involves tracking document versions (versioning) and determining the provenance of a document to create an audit trail.