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DECISION MAKING IN THE E&P ENTERPRISE

COURSE OVERVIEW & LEARNING OUTCOMES

We all make decisions and wonder at times if these decisions are effective and optimal. Business managers have to contend with a lot of variables in making decisions that return optimal value to the investors. This course takes participants through the elements of decision making and the application of decision analysis in making impactful decisions. It puts these within the context of the E&P enterprise. 

TARGET PARTICIPANTS

  • All personnel managing projects and/or teams,

  • Economists,

  • Planners,

  • Asset Managers

  • Senior Executives 

EXAMPLE MODULES

  • Introduction to decision making 

  • Comparing decision to outcomes 

  • Qualities of a good decision 

  • Different values and value measures in selecting the “best” decision 

  • Creating effective decision alternatives 

  • How to handle (not avoid) uncertainty 

  • Coin toss problem (group exercise) 

  • Probabilities and their role in decisions 

  • Assessing information and its relevance 

  • Five rules of actionable thought 

  • Effectively using information to increase decision quality 

  • Understanding the impact of risk in decision making 

  • How changes in assumptions can change decisions 

  • Key questions asked by effective decision makers 

  • Process - enable efficient and effective decision making 

  • Detecting and avoiding biases 

  • Critical first step to Initiating the decision process – Framing 

  • Evaluating information for relevance 

DURATION

5 Days

LOCATIONS:

Houston

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