Description
Making strategic and tactical decision about your company's future - oil and gas field developments, selection drilling locations, initiating seismic and reservoir studies, company acquisitions and R & D investments - is often a complex process with highly uncertain outcomes and consequences. Knowing how to make good decisions is essential whether you are a decision maker or providing information to support decision makers. Making Good Decisions is based on commonly accepted best practices and underpinned by sound theory, stemming from the author's mix of industry and academic experience. It will help the reader to think clearly about complex and uncertain decision situations and explain such topics as decision-tree analysis, Monte Carlo simulation, value of information, and value of flexibility. This book is essential reading for technical professionals and managers alike - you might even find some good tips for making personal decisions!
Features & Benefits
- Provides a practical, theory-backed framework for navigating complex and uncertain decisions
- Covers essential tools like decision-tree analysis, Monte Carlo simulation, value of information, and flexibility
- Applies best practices drawn from both industry and academic perspectives
- Supports better decision-making across strategic, tactical, and operational levels
- Offers clear, actionable insights useful for professional and even personal decision-making
Audience
- Technical professionals involved in project planning, evaluation, and risk assessment
- Managers and executives making strategic or investment decisions in oil and gas
- Analysts and advisors supporting decision-making with data and modeling
- R&D professionals evaluating technology development or investment paths
- Students and professionals seeking to improve decision-making skills in uncertain environments
About the Authors
Reidar B. Bratvold is a Professor of Petroleum Investment and Decision Analysis at the University of Stavanger, Norway. His research interests include decision analysis, representing and solving decision problems in the upstream oil and gas industry, valuation of risky projects, portfolio analysis, and behavioral challenges in decision making. Prior to entering academia, he spent 15 years in the industry in various technical and management roles. Bratvold is an associate editor for SPE Economics & Management and has twice served as an SPE Distinguished Lecturer. He was made a member of the Norwegian Academy of Technological Sciences for his work in petroleum investment and decision analysis. He holds a PhD in petroleum engineering and an MSc in mathematics, both from Stanford University.
Steve H. Begg spent 19 years in the industry in a variety of positions for Landmark, BP Exploration, and BP Research before becoming a Professor in the Australian School of Petroleum, University of Adelaide. His main interest is in asset-and-portfolio-investment decision making under uncertainty, including economic valuation and psychological factors. Begg has been an SPE Distinguished Lecturer (twice), chair of SPE’s Forum Series Coordinating Committee, and a member of the Editorial Review Committee. He is an associate editor for SPE Economics & Management and was instrumental in starting that journal. He holds a BSc in geological geophysics and a PhD in geophysics, both from Reading University, UK.
Details
Type: Softcover
Size: 6x9
Pages: 216
Published: 2010
ISBN: 9781555632588
