Decision Analysis for Petroleum Exploration
This is a handbook of decision analysis concepts. Over half the examples apply to exploration. The tools and techniques also have wide application to development, facilities, and all manner of capital investment decisions. Value of information, control and flexibility are especially important problem types covered. Decision policy (including risk tolerance), stochastic (probabilistic) methods, and project cash flow modeling are central topics.
The book will be of special interest to analysts, decision makers, project managers, and technical professionals. Over 300 topics are individually covered. This is an application-oriented reference of practical tools and techniques. We presume the reader has at least a modest background in business, mathematics, and statistics.
Decision Analysis Process (framing, structural decision models, 10-step process); Probability and Statistics (distributions, popular statistics, judgments and biases); Decision Policy (shareholder value, risk policy); Economic Matters (popular criteria, portfolio effects); Modeling (sensitivity analysis, correlation, optimization); Decision Tree Analysis (value of information, control, and flexibility); Monte Carlo Simulation (sampling methods, stopping rules); Glossary; and Bibliography. Expanded discussions and spreadsheet examples are available online.
Authors: Paul Newendorp and John Schuyler
To order, please call +1.918.828.2504