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Advanced Project Economics, Risk & Decision Analysis - 5 day Training Course
This five day course from O&G Knowledge Share is designed to give participants an in-depth knowledge of the economic evaluation of projects and investments. Due to uncertainty in variables in these evaluations, more sophisticated methods are needed. This course will introduce expected value analysis and Monte Carlo simulation, and participants will use hands-on examples to model a variety of problems and the Monte Carlo simulation.
This is a fast paced course, and it is expected that participants will have basic knowledge of probability and its application. It will give students the skills to be able to immediately apply what they have learned in their workplace after completing the course.
During the course participants will:
- Build on the deterministic economic evaluation techniques by incorporating probabilistic occurrence of the most uncertain variables in project and investment
- Recap the profitability indicators and their appropriate use. The same concepts will now apply to probabilistic profitability indicators
- Learn how to calculate expected values using Excel and decision trees and Monte Carlo Simulation
- Cover value of information and it is calculated
This course qualifies for 30 CPD hours.
Suitability - Who should attend?
The following oil & gas company personnel will benefit from the knowledge shared in this course.
- Planning managers
- Oil & gas engineers
- Asset, E&P and Project managers
- Commercial managers and Analysts
- Economists, business analysts & business development personnel
- Government officials, legal counsels & negotiators
- Business advisors
- Business Development personnel
Training Course Content
- Objective of the Course Recap of the Deterministic Concepts
- Use of Additional Tools
- Management Presentation
- Handling Uncertainty in Investments
- Basic Probability Concepts
- Expected Value
- Expected Opportunity Loss
- LRMC Reconciliation
- Decision Trees
- Risk Profiles
- Value of Perfect Information
- Value of Imperfect Information
- Simulation in Decision Analysis
- Introduction to @RISK
- Simulation Exercises
- Attitudes Towards Risk
- Determining Venture Participation
- Multi-Period Investment Optimization
- Integrated simulation model
- Exploration Economics
US$ 3,500 for ME & US$ 3,950 for other countries
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