About the Course
Course Description:Â Â
The landscape of risks has grown intricate, intertwined with supply chains, stakeholder expectations, advancing technology, and regulatory requisites. This evolution underscores the escalating demand for proficiency in risk management planning, execution, and effective communication within organizations.
Who Should Attend?Â
This course is designed for professional engineers, asset managers, all members of emergency management team, emergency service personnel, etc.Â
Course OutlineÂ
1. Introduction to Decision Making in the Upstream Sector
   - Dissecting the Value Chain of the Upstream Petroleum Industry
   - Phases of Oil & Gas Field Developments
   - Techniques for Project Valuation & Selection
2. Navigating Diversification and Risk PropensityÂ
   - Sensitivity and Probability Analysis
   - Understanding Risk vs. Uncertainty
   - Proficiency in Modeling Risk Propensity
3. Fundamentals of Risk Assessment and Management
   - Concepts and Structures for Decision-Making
   - Probability Concepts and Assessment
   - Strategies for Structuring Decisions
4. Insights into Risk Management Across theÂ
   - Managerial Perspective on Risk in Projects and Portfolios
   - Mapping Risk Assessment Techniques & Processes
   - Integrating Business Strategy, Risk Management & Capital Allocation
5. Tackling Operational Risks in Upstream Segments
   - Analyzing Risks in Different Segments of the Upstream Petroleum Industry
   - Designing Risk Management Workflow for E & P Projects
6. Practical Applications: Exercises and Decision Modeling
   - Application of Decision & Risk Analysis in Hypothetical O & G Project - Framing
   - Application of Decision & Risk Analysis in Hypothetical O & G Project - Modeling
   - Building Spreadsheet-Based Decision Models
   - Understanding Probability and Statistics for Uncertainty Quantification
7. Advanced Techniques in Risk Evaluation and Mitigation
   - Leveraging Geostatistics for Stochastic Reservoir Characterization
   - Addressing Multiple Uncertainties
   - Mastery of Monte Carlo Simulation and Interpretation
   - Uncertainty Analysis with Software Tools
8. Decision-Making Under Uncertainty
   - Applying Monte Carlo Simulation for Informed Decisions
   - Modeling the Efficient Frontier
   - Incorporating Risk & Uncertainty in Project Evaluations
9. Enabling Risk Optimization and Maximizing Returns
   - Exploring Risk-Sharing and Business Model Analysis (Joint Venture Examples)
   - Techniques for Risk Optimization and Uncertainty Integration in Projects
   - Leveraging Value of Information for Enhanced Decision-Making
10. Synthesis and Practical Application
   - Real-world Exercise: Upstream Projects under Uncertainty