Decision Quality in Organisations (PBM01)

Description

This course provides participants a practical, hands-on approach to modern techniques in petroleum risk management and decision-making with a focus on upstream oil & gas projects.
The key concepts for risk-based evaluation, planning and decision making in upstream projects will be extensively illustrated and discussed. The techniques presented are applicable to all aspects of petroleum exploration and production - prospect evaluation, resource allocation, diversification, risk sharing, and corporate planning. This course helps participants develop problem solving, leadership and functional skills necessary to manage the modern petroleum enterprise. It is well suited for new hires and/or professionals with less experience in the oil industry. Course participants will find the concepts and techniques stimulating and beneficial - enabling them to apply risk and decision making concepts to their jobs . . . immediately.

Course Level: Skill
Duration: 4 days
Instructor: Reidar Bratvold

Designed for you, if you are...

An engineer of any discipline, a geoscientist, petrophysicist or technologist who directly or indirectly applies risk and decision making concepts in all aspects of petroleum exploration and production
A manager who is involved in developing onshore E&P projects

How we build your confidence

The workshop format combines lectures, group work and individual study
A number of examples and practical decision problems will be addressed - both in the lectures as well as in the practice sessions
Microsoft Excel with add-ons for decision tree and Monte Carlo simulation will be used for many of the examples and exercises

In addition to the course manual, participants will receive a copy of the textbook 'Making Good Decisions'. This book provides essential reading for both technical professionals and managers.

The benefits from attending

By the end of the course you will feel confident in your understanding of:

Decision and risk analysis concepts & terminology relevant for upstream oil & gas decisions
The application of a multi-objective, value-creating approach to decision-making
The impact of uncertainty and risk in E&P decision-making
The value of making sound portfolio management decisions
Specific tools & processes for analysing & making decisions including decision trees (PrecisionTree from Palisade) and Monte Carlo simulation (@RISK from Palisade)
How to use these tools & processes in Excel
How people often actually make decisions as opposed to how they should

Topics

Introduction
Foundation of economics for the upstream business
Risk and uncertainty identification and quantification
Applications of decision and risk analysis to upstream oil & gas decisions
Modelling and structuring complex and uncertain upstream oil & gas decisions
Decision analysis - utilising decision trees
Value of information concepts and its application
Monte Carlo simulation and the value of sensitivity analysis
Portfolio analysis and management with multiple objectives
Behavioural challenges in decision making

Customer Feedback

"It was the first training of this subject and it was really excellent. I think I can take advantage of the course and I really enjoyed it." - Reservoir Engineer at Qatar Petroleum

"The course topic is required in everyday life decisions and in business as well." - Engineer at Daleel