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Home > Glossary > Processes, Standards and Governance

RACI Matrix

What is a RACI Matrix? A RACI Matrix is a responsibility assignment framework used to define how people participate in a process or decision. It establishes clear expectations around who performs the work, who owns the outcome and how others contribute throughout execution. The framework is commonly used when responsibilities extend across multiple roles. By […]

System of Record

What is a System of Record? A system of record is the authoritative source for a specific type of information within an organization. It is the designated system responsible for creating, maintaining and governing that information throughout its lifecycle. When questions arise about accuracy, ownership or status, the system of record provides the version that […]

Tag-Centric

ReVisionz · Tag Centric – ReVisionz Terminology Glossary What Is a Tag-Centric Approach? A tag-centric approach refers to the practice of organizing, managing and retrieving information based on unique equipment or system identifiers, commonly known as tags. In capital projects and operational environments, tags are assigned to specific assets such as pumps, valves, compressors, instruments […]

Total Cost of Ownership (TCO)

ReVisionz · Total Cost of Ownership (TCO) – ReVisionz Terminology Glossary What is Total Cost of Ownership? In industrial settings, Total Cost of Ownership (TCO) encompasses every expense associated with acquiring, operating, maintaining and disposing of an asset or system throughout its lifecycle. This calculation extends beyond the initial concept selection to include installation, operation, […]

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