Project Analysis: Tools and Techniques for Managing Risk and Uncertainty
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Project Analysis: Tools and Techniques for Managing Risk and Uncertainty Course
Introduction:
Assessing and managing investments in the petroleum industry involves a complex interplay of various variables. This course aims to introduce participants to these variables and the methods of evaluating petroleum projects within the framework of risk analysis and uncertainty. Key variables include reservoir characteristics, soil characteristics, and financial considerations.
The course provides a comprehensive overview of the fundamental principles governing petroleum investments, as well as an examination of the factors that impact the economic viability of oil projects. Participants will explore topics such as international investment agreements, taxation policies, and the time value of money. Understanding these factors is crucial for making informed investment decisions and maximizing returns.
To effectively manage project risks, the course will delve into tools and techniques that control project timelines and costs. Participants will learn how to apply these risk management strategies to mitigate uncertainties and enhance project outcomes. Additionally, the course will highlight the importance of applying total quality management principles to ensure project success.
Throughout the course, participants will be introduced to modern techniques in project management. Key topics covered will include project planning, scheduling, and control. By gaining a solid understanding of these techniques, participants will be equipped with the necessary skills to effectively manage petroleum projects and navigate the complexities of the industry.
Join us in this course to gain a comprehensive understanding of investment assessment and management in the petroleum industry. By exploring the various variables at play, understanding the principles of petroleum investment, and learning essential project management techniques, participants will be better prepared to make informed decisions and successfully navigate the challenges of the industry.
Course Objectives:
This course enables delegates already familiar with the petroleum industry, the decision tree methods, and all economic and statistics terms used in evaluating petroleum projects. So the attendees will have the capability to take the decision in the project based on economics risk assessment.
Who Should Attend?
This program is designed for program and project professionals, project leaders, project engineers, cost engineers, and other senior project control and business services professionals who are responsible for or involved in evaluating projects and managing cash flow on projects.
Course Outlines:
- Elements of Project Evaluation.
- Stages of projects in the oil and gas business
- Making business decisions.
- Purpose of evaluation.
- Tools for evaluation.
- Fundamental of a petroleum reservoir.
- Management issues in project evaluations.
- The Economic Analysis
- Estimating the flow of money
- Time value of money
- Traditional models of profitability
- International operating agreement
- Forecasting the technical Component in Petroleum Investments.
- Cost control tools
- About risk and uncertainty
- Sampling and statistics
- Types of distribution
- Probability theory
- Standard distributions
- Analysis of the data
- Golden rules of statistics
- Assessing, Preventing, and Managing Project Risk.
- Organization affect project success
- Sensitivity analysis
- Application of decision tree
- Crystal Ball program for analysis
- Monte-Carlo simulation and other simulation techniques.
- CPM method for planning
- PERT method for projects planning
- Workshop about Qualitative risk assessment