ANNUAL REPORT - The Petroleum Institute
ANNUAL REPORT - The Petroleum Institute
ANNUAL REPORT - The Petroleum Institute
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<strong>The</strong> <strong>Petroleum</strong> <strong>Institute</strong> | Annual Report - Academic Year 2011 - 2012<br />
Finance Committee (PIFC) twice a<br />
year to report on the new budget and<br />
the actual incurred Opex and Capex of<br />
the financial year.<br />
• Meetings are held twice a week to<br />
discuss any pending or new issues.<br />
• Oracle ERP System: Oracle for Financial<br />
Services delivers comprehensive,<br />
pre-integrated business applications,<br />
including key functionality built<br />
specifically for the PI’s financial<br />
operations.<br />
• Financial Systems and reporting: a new<br />
unit was created within the Finance<br />
Department to set, monitor and adjust<br />
the workflow of all finance transactions<br />
and processes.<br />
IV. Training and Professional<br />
Development<br />
<strong>The</strong> Finance Department supports staff<br />
development within our budget. Clearly,<br />
Finance Department employees have a<br />
responsibility to keep up-to-date with<br />
developments through private study. Where<br />
formal training is appropriate, we will provide<br />
training courses from our own resources.<br />
We can provide managerial and organizational<br />
training for courses like Supervisory Skills,<br />
Presentation Skills, Time & Stress Management,<br />
Creative Problem Solving & Decision Making,<br />
Leadership & Team Building, Effective<br />
Project Management, Developing Emotional<br />
Intelligence for the Workplace, Mastering<br />
Business & Financial Modeling.<br />
We have also created a cumulative training<br />
plan for our staff as follows:<br />
Step 1: Professional Development Program<br />
(PDP): Qualified senior staff members<br />
nominated by the department manager are<br />
selected to coach and train staff members,<br />
and each coach has one trainee. <strong>The</strong> selected<br />
coaches carry out training session and<br />
evaluate the strengths and weaknesses of<br />
their students. Based on any weaknesses,<br />
they can schedule external training courses in<br />
coordination with the Development & Training<br />
Section.<br />
Step 2: External Training: the Development &<br />
Training Section handles communication with<br />
external training sources to schedule external<br />
training.<br />
PDP coaches, the Development & Training<br />
Section and the external training institution<br />
are integrated to form a comprehensive<br />
development program so that staff members<br />
can reach their full potential.<br />
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