The new deepwater expansion joint design meets company requirements for factors of safety but cannot comply with ASME Section VIII load factors. How does the OEM engineering manager proceed?
Factors of Safety and Load Factors
on Risk & Safety
A listing in reverse chronological order of articles by:
- Greg Hutchins (editor) — CERM Risk Insights series
- Doug Lehr — Equipment Risk and Reliability in Downhole Applications series
- Sanjeev Saraf — Operational Risk, Process Safety series
Take a Risk and Acquire Skills for Future Work
Guest Post by John Ayers (first posted on CERM ® RISK INSIGHTS – reposted here with permission)
Today, there is a lot of attention and discussion regarding future work. How will new technology impacts jobs? What will it look like? What jobs will be eliminated? What will the future jobs look like? How should I prepare?
It is difficult to identify with any accuracy what jobs will be eliminated and what new jobs will be available. My advice is to focus on skills. What skills will help ensure job security in the future? This is the real question.
Structure, Silence and Lots and Lots of Notes – How to Conduct an Effective Interview
Guest Post by Andrew Sheves (first posted on CERM ® RISK INSIGHTS – reposted here with permission)
“Well, there was the kidnapping. Is that something you’re interested in?”
It was our last day of a week-long site security survey. We were meeting with the site manager to wrap up our visit but this was the first time we had heard anything about something as serious as this.
So yes, a kidnapping was something we were very, very interested in learning about….
Design for Reliability (DfR)
You are an engineering manager overseeing product development. For the new offshore product developed by your team, you want to know:
- If the final design margins comply with company standards
- If the thin-wall components are susceptible to Bauschinger Effect
- Which load factors were used for the ASME section 8 analysis.
Faulty Strategy or Faulty Execution
Guest Post by Patrick Ow (first posted on CERM ® RISK INSIGHTS – reposted here with permission)
Organisations cannot afford to have a faulty strategy, a faulty strategy execution, or both. Getting them right is vital for their survival especially in today’s crisis and economic downturn.
Businesses survive and thrive by taking risks. They falter when risks and opportunities are not managed effectively.
For organisations to execute their chosen strategy and achieve their strategy-focused objectives, risks and opportunities resulting from the implementation of their strategy must be differentiated from the risks and opportunities posed by the strategy itself. They do so by embedding risk management into their strategy planning and execution.
When risk management is effectively embedded in strategy planning and execution, corporate leaders will know the shortcomings of their chosen strategy while identifying those strategic objectives that may be at risk during their implementation.
What is your Risk Appetite?
Guest Post by John Ayers (first posted on CERM ® RISK INSIGHTS – reposted here with permission)
Businesses take risks to pursue opportunities. What is your risk appetite? This question has been asked by companies for years. Risk appetite is the amount and type of risk an organization is able to support in the pursuit of business objectives. Examples of successful high risk appetite companies are: Amazon; Uber; and Tesla.
Risk appetite can be applied to your personal life as well especially today to thrive in changing times. Two stories of individuals with different risk appetite are presented below to illustrate how much you want to take can affect your life especially in retirement years. [Read more…]
Temperature Deration
High temperature stress analysis of metallic components must account for an inevitable decrease in room temperature minimum yield strength (Sy). Linear-elastic stress analysis is the norm for nearly all downhole metallic components and accurate results depend upon the use of reliable temperature deration factors. [Read more…]
Accelerated Hard Trends
Guest Post by Daniel Burrus (first posted on CERM ® RISK INSIGHTS – reposted here with permission)
The predictability of disruption as an innovation accelerator is a central component of the Anticipatory Organization Model, focusing closely on how Anticipatory Organizations and individuals can look at disruption and see enormous opportunities. [Read more…]
This is the Best Time to do your Corporate Planning Differently
Guest Post by Patrick Ow (first posted on CERM ® RISK INSIGHTS – reposted here with permission)
Steve Jobs envisioned a future state with computers on every worker’s desk. It will be a progressive culture where technology creates more opportunities for employees and a workplace without secretaries.
The future-state for Jobs was about “building tools that amplify a human ability”. He used the word “tools”, not “computers”, at the start of Apple’s life, which became hugely successful.
That is why Apple came up with the iPod, iPhone, and iTunes. These tools revolutionised the way we listen to music. Many people didn’t know they wanted an iPad until Apple showed them these tools. [Read more…]
Materials and Design Risk
The materials used in new equipment can pose a design risk. But what makes a material a design risk? And how is de-risking achieved for metallic and nonmetallic materials?
To satisfy design requirements for loading, corrosion resistance, and manufacturability, materials properties must be controlled. Design risk is high when material properties are not controlled and materials are not selected using best practices. And as stated in Equipment Risk, material stability is also necessary for long service life, meaning that mechanical and physical property response to elevated temperature and corrosive media is predictable or reasonably estimated. Thus, controls for material properties and selection are the basis of de-risking. [Read more…]
A Risk Imperative for Agency Leaders
Guest Post by James Kline (first posted on CERM ® RISK INSIGHTS – reposted here with permission)
In June 2019, the Association for Federal Risk Management publish a document entitled: “Getting Ahead of Risks Before They Become Government Failures: An Imperative for Agency Leaders to Embrace Enterprise Risk Management”. The document states: “Agencies are under increasing pressure to perform their missions more effectively and efficiently, while the types of challenges that government confronts are growing more complex.
Agency leaders are expected to keep program and operations on track by getting ahead of risks before they turn into problems.” (1) [Read more…]
Decision Points: How to Prepare for Big Decisions
Guest Post by Andrew Sheves (first posted on CERM ® RISK INSIGHTS – reposted here with permission)
A decision point is a moment when a significant choice presents itself and the decision made will result in a significant change of course that cannot be undone easily. Moreover, that same choice or option is unlikely to reemerge in the future. The essential elements are that the decision is significant, non-repeatable, and non-reversible.
The problem is that decision points don’t always announce themselves as clearly as the examples above suggest. Sometimes, the decision point looks a lot like other, similar moments except the context or consequences are very different. At other times, the decision point might get overlooked, mixed in with other less critical choices amongst a flood of activity. So it can be easy to overlook or miss the decision point. [Read more…]
Technology Readiness Level (TRL)
Your staff has a concept for a deepwater completion product. They say it is the solution offshore operators need. The concept contains many new components and seems risky. How mature is the technology?
Conducting a Technology Readiness Assessment (TRA) answers these questions. A TRA assesses the maturity of the technology in a product and assigns it a Technology Readiness Level, or TRL. The higher the TRL, the more mature the technology, and the lower the risk. [Read more…]
A Solution for the Changing Nature of Work
Guest Post by Stephen Miller (first posted on CERM ® RISK INSIGHTS – reposted here with permission)
Much is being written these days about the future of work and the problems it presents. This piece presents one way we could manage this constantly evolving situation.
The world is changing rapidly in so many ways, primarily, but not limited to technology, geopolitics and climate change. There is no attempt to assign priorities here; these factors are all intimately connected and affect the outcome in concert. [Read more…]
Linking Risk Assessments to Decision Making
Guest Post by Andrew Sheves (first posted on CERM ® RISK INSIGHTS – reposted here with permission)
The point of risk management is to understand and react to the threats and opportunities that might affect your business. The problem is that risk management can often become dislocated from the mainstream business processes. Instead of being integrated into the organization, risk management takes place in a parallel but separate workstream: one that decision-makers dip into occasionally but generally look at as a specialized, technical process. [Read more…]
