Petroleum Risk and Decision Analysis Training Course – IBC 22PRD – The Best Training course
Istanbul Business Center
About the course Petroleum Risk and Decision Analysis
Good technical and business decisions are based on competent analysis of project costs, benefits and risks. Participants learn the decision analysis process and foundation concepts so they can actively participate in multi-discipline evaluation teams. The focus is on designing and solving decision models. About half the problems relate to exploration. The methods apply to R&D, risk management, and all capital investment decisions.
Probability distributions express professional judgments about risks and uncertainties and are carried through the calculations. Decision tree and influence diagrams provide clear communications and the basis for valuing each alternative. Monte Carlo simulation is experienced in detail in a hand-calculation exercise. Project modeling fundamentals and basic probability concepts provide the foundation for the calculations. The mathematics is straightforward and mostly involves only common algebra. The emphasis is on practical techniques for immediate application.
you can read also: : Trouble Shooting Gas
Petroleum Risk and Decision Analysis – Designed For
Geologists, engineers, geophysicists, managers, team leaders, economists, and planners.
Petroleum Risk and Decision Analysis- You will learn
- Describe the elements of the decision analysis process and the respective roles of management and the analysis team
- Express and interpret judgments about risks and uncertainties as probability distributions and popular statistics
- Represent discrete risk events in Venn diagrams, probability trees, and joint probability tables
- Solve for expected values with decision trees, payoff tables, and Monte Carlo simulation (hand calculations)
- Craft and solve decision models
- Evaluate investment and design alternatives with decision tree analysis
- Develop and solve decision trees for value of information (VOI) problems
Course Content – Petroleum Risk and Decision Analysis
- Decision Tree Analysis: decision models, value of information (a key problem type emphasized in the course), flexibility and control, project threats and opportunities
- Monte Carlo Simulation: Latin hypercube sampling, portfolio problems, optimization, advantages and limitations
- Decision Criteria and Policy: value measures, multiple objectives, HSE, capital constraint, risk aversion
- Modeling the Decision: influence diagrams, sensitivity analysis, modeling correlations
- Basic Probability and Statistics: four fundamental rules including Bayes’ rule (the easy way), calibration and eliciting judgments, choosing distribution types, common misconceptions about probability
- Expected Value Concept: foundation for decision policy, features, pitfalls to avoid
- Implementing Decision Analysis: problem framing, guidelines for good analysis practice, team analyses, computer tools (discussion and demonstrations), mitigating risks
- Evaluating a multi-pay prospect (team exercise)
Contact information -Petroleum Risk and Decision Analysis Training Course – IBC 22PRD :
To communicate in Arabic:
You can view all programs through our website
Is there a group discount when registering for Petroleum Risk and Decision Analysis Training Course – IBC 22PRD?
- Browse our course catalog and select which courses meet your organization’s learning and development needs
- Receive a discount ranging from 10 to 20% based on the total number of participants you enroll per year. Discount tiers are outlined in the adjacent chart.
- Contact us below to register your participants and receive a unique discount code for your organization. From there, our team will work with you to enroll your employees.
The Short Course Experience -Petroleum Risk and Decision Analysis Training Course – IBC 22PRD
Our 2- to 5-day short courses offer a unique opportunity to step outside of the pressures of your day-to-day work life and challenge yourself with new ideas and skills in a low-risk environment. Our team is here to guide you each step of the way.
To join our YouTube channel: