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 involves the interaction of many variables. This course introduces all these variables and the methods of assessing petroleum projects in the scope of risk analysis and uncertainty. These variables are reservoir characteristics, soil characteristics, and financial issues. It presents the basic principle of petroleum investment and all the factors affecting the economy of the oil projects as the international investment agreement, taxes, and money value with time. The course will go through the tools that control the time and cost to manage the project risk and discuss how to apply total quality management in the project. The main items of the modern technique in project management will be discussed in the course.
Course Objectives:
This course enables delegates already familiar with the petroleum industry, the decision tree methods, and all economic and statistical terms used in evaluating petroleum projects. So the attendees will have the capability to decide on the project based on economic 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 affects 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 project planning
- Workshop about Qualitative risk assessment
