How to use Value of Information to improve the decision policy in Oil and Gas?
This live Excel presentation will demonstrate how to (1) frame a Value of Imperfect Information evaluation of a drilling problem, (2) quantify the frame in a risk model (SIPmath) using continuous variables, (3) solve the problem frame using simulation to establish the decision policy and (4) explain how we reduce downside and possibly increase the upside. We will complete the model together and extract insights from the analysis.
We will make changes to the analysis based on Subject Matter Experts (SMEs) inputs by altering the model and updating the decision policy and insights. The model structure and detail is apparent to enable you to structure your own SIPmath simulation model.
About The Speakers
Founder, ThinQ Decisions
Trygve Botn is the founder of ThinQ Decisions, an Oslo-based consulting firm focused on transferring Decision Science to improve Decision Quality for businesses and organizations. Many decisions are complex and faced with risks, uncertainties and conflicting objectives from stakeholders. ThinQ Decisions utilizes a decision-centric framework to help gain clarity around such decisions.