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. This book is about how to make good decisions; it 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!



Contents: Decision making and uncertainty in the exploration and production industry ♦ How to make good decisions ♦ Quantifying uncertainty ♦ Monte Carlo simulation ♦ Structuring and solving decision problems ♦ Creating value from uncertainty ♦ Behavioral challenges in decision making

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