Petroleum Risk and Decision Analysis - PRD - In House Training

Petroleum Risk and Decision Analysis - In-house training by PetroSkillsThis course can be conducted on site at your location exclusively for your staff. 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. 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. The complementary Monte Carlo simulation technique 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. This is a fast-paced course and recommended for those with strong English listening skills. This course is intended as the prerequisite for the Advanced Decision Analysis with Portfolio and Project Modeling course. Find out more