Production Optimization

PRODUCTION OPTIMIZATION

Benefits

1.     An accurate forecast of future cash flows and associated risks

2.     Cost savings by avoiding unnecessary attention to areas that are non-critical, and improved focus on areas of higher value

3.     Discovery of enhancement opportunities during the conceptual and design phase, rather than later in the project’s life-cycle, when the cost of change is considerably higher

4.     Systematic identification of key technological risks for a specific concept, and setting of priorities for further technology development, qualification and testing (to reduce and manage these risks)

5.     Improved insight into technical and managerial issues that may cause critical failures and production losses

6.     A road map on how to improve production capacities and production availability based on risk and cost-benefit assessments.

Important parameters include

a.     Production capacity profiles

b.     Demand profiles and product prices

c.      Physical asset layout and design

d.     Equipment reliability performance

e.      Maintenance and repair activities including spare part strategies

f.       Operation and mobilisation activities.