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Petroleum Business
Petroleum Risk and Decision Analysis
Sound technical and commercial decisions rest on careful analysis of costs, benefits and risks. This course introduces the decision analysis process and its core concepts so participants can contribute fully to multi-discipline evaluation teams. The emphasis is on designing and solving decision models, with many examples drawn from exploration but methods that apply to any capital investment.
- Discipline
- Petroleum Business
- Level
- Foundation
- Duration
- 5 days
- Formats
- Classroom, In-house, Blended
Every course can be delivered in-house and tailored to your organisation.
Who should attend
Geoscientists, engineers, managers, team leaders, economists and planners involved in evaluating projects and investments.
What participants will be able to do
- Describe the decision analysis process and team roles
- Express uncertain judgements as probability distributions
- Solve for expected value using trees, tables and simulation
- Build and solve decision models
- Evaluate investment and design options with decision trees
Topics covered
- Decision analysis process
- Probability and statistics
- Decision trees
- Monte Carlo simulation
- Expected value
- Exploration risk