Value Improving Practices PDF | PDF | Reliability Engineering | Risk Value Improvement. ), Reduce design targets or margins; design for less extreme conditions, Intrinsic safety instead of controls (e.g. However, the latter is best avoided since any changes at this stage of the project may have a profound impact on savings and may lead to significant delays. McKinsey analysis estimates that global capital spending will total $77 trillion between 2018 and 2023, which places the annual value of that spending at more than $10 trillion. these objectives may be achieved quickly and And the greatest outcomes can only be achieved through a holistic application of PVI. supply of the specific facility. Value Improvement Practices is abbreviated as VIPs (also VIP) Related abbreviations The list of abbreviations related to VIPs - Value Improvement Practices WHP Wellhead Pressure BHP Bottom Hole Pressure EOR Enhanced Oil Recovery CT Coiled Tubing ASV Annular Safety Valve A teams confidence in the success of the project is highly predictive of the projects eventual outcomes. As an organization adopts a PVI culture, it should immediately begin to document and catalogue proven ideas, as well as those that failed. chain (e.g. Front-End Loading (FEL) is a process by which a company translates its business and technology opportunities into capital projects. // -->