A technical data portal (also known as digital project hub) is a web-based application that allows users to organize, validate and collaborate on asset data and documents regardless of their source and location. All the project information from multiple systems is stored in one place where all project participants have access to it. Some applications can also link related information and can compare data.
The total cost of ownership refers to the total cost of owning an industrial asset throughout its full lifecycle, from design and construction through operations and decommissioning. Where TIC is project-based, the total cost of ownership, or TCO, is a long-term concept.
The total installed cost refers to the final cost of designing, fabricating and building a capital project or industrial asset. Various phases or components of a capital project are assigned a value based on a percentage of the total installation cost or TIC. For example, engineering may account for 10% of TIC.