This unit focuses on practical techniques in real-life petroleum industry situations. Using industry case studies, the unit covers applications of risk analysis in the oil and gas industry; basic probability and statistics concepts; risk taking and managers; methods for information gathering; decision theory; decision tree analysis; utility theory and Bayesian methods; value of information (perfect and imperfect); deterministic and stochastic models (Monte Carlo simulation); portfolio management models and applications; basic real options analysis concepts; expected value concept; influence diagrams; prospect evaluation decisions; and oil and gas reserves booking guidelines. -- Course Website
Instructor: Assistant Professor Brendan Graham
