The document discusses procedures for developing challenge questions and concepts related to challenges. It focuses on ensuring challenges are aligned with organizational goals and have a clear process for implementing ideas generated from the challenge. It also discusses the importance of being able to transform concepts into real projects, products, or services to determine the program's return on investment.

1. Overview of the problem
We will talk about the procedure for creating and framing the challenge question in this article.
Contest Concepts
Let's establish a baseline for our understanding of what a challenge is before we examine the procedure for
developing a challenge question.
An event that has a time limit is a challenge, unless it's an Always On Challenge. It typically specifies to the
audience when it will begin and end.
Challenges are always centered on a particular problem or even a theme. In general, these inquiries are far
more narrowly focused than a conventional catch-all suggestion box.
Organizational alignment is a crucial topic to cover when describing a challenge. When it comes to
generating and delivering ideas, the challenge question and timing are typically coordinated with the
organization. This is frequently ensured by connecting the organization to the question.
The component of delivery, which is also connected to organizational alignment, comes last. Every difficulty
calls for a focus on the process for transforming concepts into actual initiatives and goods.
What It Does

2. • The Implementation Process
The "road to implementation" is the fundamental word used in relation to any challenge. A challenge carries
a real risk of failing without this. When starting a challenging assignment, it ought to be the first thing on our
minds.
The process of turning a concept into a project is referred to as implementation in this context. Concepts,
however mature ones, are placed into the system as ideas until they are chosen as winners.
The ability to put ideas into practice is actually a crucial predictor of success when assessing the health and
success of a program. It goes without saying that projects, services, and products that result from the
innovation program typically have measurable financial or cost benefits. This is always done to gauge the
program's return on investment.
A few companies are continuing to invest in and extend the lives of their projects, even as the Oil and Gas
industry as a whole begins to concentrate its efforts on decommissioning and the transition to a world
where oil production, if not oil usage, will form a smaller part of the global energy mix.

3. • The Implementation Processits efforts on decommissioning and the transition to a world where oil
production, if not oil usage, will form a smaller part of the global energy mix.
Perhaps the most prominent example is Equinor's Statfjord field, where the company recently announced
that the Statfjord A platform would continue to produce oil through 2027, just shy of its 50th year of active
operation. Over the course of the field's lengthy existence, it is estimated to have generated $180 billion in
revenue, and with the drilling of 100 new wells planned, the operators appear confident that despite the
general industry trend,
The project is similar to Equinor's expansion in that it increases the field's potential production by more than
two million barrels of oil equivalent and emphasizes optimism and the bottom line on a smaller scale.
Rockrose's project's long-term viability and how the expansion work will fit into a sector that, despite a few
exceptions, appears dedicated to decommissioning, remain to be seen.
The North Sea oil and gas industry is increasingly relying on decommissioning. End of 2019 research from Oil
and Gas UK stated that over the following 10 years, the UK offshore sector is likely to spend over $19 billion
on decommissioning, with well decommissioning accounting for 45% of the anticipated spending for oil and
gas businesses.

4. • Rockrose, however, is unfazed, with managing director Peter Mann noting that
"extending field life and delaying decommissioning is part of the company's
strategy. That is consistent with the plans at Ross and Blake.
The company intends to invest $250 million into the two fields in which it holds a
30.8% stake to pay for new drilling work that will
In a time when much of the industry is focusing on decommissioning, this upbeat
investment comes after a successful few years for the business that have inspired
Rockrose to take a more proactive, expansionist approach to its assets. As a result
of increased productivity at its facilities in recent years, Rockrose reported an
increase in yearly output of 117% in 2019 compared to 2018 across all of its
North Sea properties. Furthermore, the company is confident that its projects will
continue to be fruitful and profitable because there are over 100 million barrels
of oil equivalent beneath its platforms on the UK Continental Shelf (UKCS) alone.

5. •
Mann also wanted to highlight Rockrose's current dedication to
proactive asset acquisition and ensuring high standards of
occupational health.
But according to Mann, this ongoing expenditure is simply a reflection
of the UK's shifting oil and gas market.

6. • The UK North Sea still presents a sizable prospect, according to Mann.
There is a change in leadership in the UKCS, as some of the bigger
international companies are shifting their attention elsewhere, which
presents opportunities for smaller, flexible, and ambitious businesses with
strong balance sheets, like Rockrose, to acquire the assets and maximize
their economic recovery and potential.
Rockrose's vision of smaller projects with big financial margins might come
true should the oil and gas industry change away from these large, less
flexible enterprises with decades-old projects and toward these smaller,
more nimble firms with fewer assets. The company declared an end-of-
year balance of $203 million at the end of 2019, compared to $38 million at
the end of 2018, even though $248 million was invested in the Ross and
Blake fields as part of the most recent phase of expansion alone.

7. •
For those keen to pursue asset expansion at this time, financial concerns
will undoubtedly persist, but Rockrose is demonstrating that there may be
a route forward for independent businesses prepared to take these kinds of
financial risks.
The dual objectives of asset management are to increase value and reduce
risk. In other words, the client's risk tolerance is the first thing to be
discussed. Risk-averse individuals include retirees who rely on portfolio
income and pension fund administrators who manage retirement assets.
Any adventurous person, especially a young person, would wish to
experiment with high-risk ventures.

8. •
The majority of us fall somewhere in the middle, and asset managers work
hard to pinpoint that position for each client.
The asset manager's job is to decide which investments to make or steer
clear of in order to help the client achieve their financial objectives while
staying within the bounds of their risk tolerance. Among the most well-
known options for investing include stocks, bonds, real estate,
commodities, alternative investments, and mutual funds.
It is expected of the asset manager to carry out thorough analysis utilizing
both macro and microanalytical methods. This involves reviewing
corporate financial records, statistical research of current market patterns,
and anything else that might help achieve the stated objective of client
asset appreciation.

9. • To lay the groundwork for a successful APM program, an extensive and
structured system incorporating asset integrity management software is
needed. Many asset owners carry out routine preventative maintenance,
including a cleaning or part replacement program that is based on a
timetable. Utilizing quantitative risk-based inspection or failure mode,
effect, and criticality analysis is a preferable strategy. To accomplish this,
DNV works with our clients to rank system and equipment criticality
depending on the asset type and risk levels. This is done through risk-based
inspection (RBI), safety integrity level (SIL) evaluation, and reliability-
centered maintenance (RCM). Making these assessments can help
businesses create pertinent maintenance and inspection strategies to
manage hazards.

10. • Integrating DNV's RAM capabilities into asset management programs can
help businesses succeed even more (Maros & Taro). You may model an
asset's performance over its whole lifetime in terms of availability,
production effectiveness, and profitability using reliability, availability, and
maintainability (RAM) analysis. RAM can be used to identify performance
indicators (such as production efficiency/availability) and rank the "bad
actors" who cause the majority of production losses when combined with
an asset management system. A piece of equipment that frequently fails
owing to poor design or construction is said to be a bad actor. This enables
owners to make use of real operational data, gain understanding of the key
causes of production losses, and concentrate efforts on enhancing the
efficiency of these key causes of downtime. Given this,

11. • Asset integrity management implementation for ongoing
improvement
The key to a successful APM implementation is having a successful
asset integrity management system. An asset management platform
called Synergi Plant was created specifically for the processing
industry to support businesses with a strong work process that fosters
continuous improvement. It turns into a crucial management system
that guarantees dependable and safe operations for the duration of
the asset's life.