|PM140||05 - 16 Jul 2021||London - UK||11,900|
*All fees are exclusive of VAT
Project Management Institute, A Guide to the Project Management Body of Knowledge (PMBOK® Guide), PMBOK® Guide – Sixth Edition (2017).
Why Choose this Training Course?
This PetroKnowledge training course addresses the need for professionals in the Oil & Gas industry to manage and control projects. An in-depth treatment of project uncertainty enables delegates to tackle the economic challenges facing the petroleum industry and use effective risk planning and management techniques to support effective decision-making. This ability to control projects is further enhanced through the establishment of effective project governance systems to establish key performance indicators and measure project progress.
Key highlights of this training course are:
- Identification of the stages required in the risk analysis process, i.e., preparing, modeling, and running risk analysis.
- Development of the risk model, assessing probabilities to various variables, risk analysis, and explore the impact of uncertain variables.
- Enable the participants to perform quantitative risk management techniques and conduct data-driven decision-making using probabilistic profitability indicators.
- Exploration of the concept of value and value-driven project management
- Definition of key performance indicators, metrics and reporting dashboards
- Examination of effective governance mechanisms to support planning, execution (change) and performance management
- Application of core planning techniques
This comprehensive training course consists of two modules which can be booked as a 2-week Training event, or as individual, 5 Day courses.
What are the Goals?
By the end of this training course, participants will be able to:
- Appreciate attitudes to uncertainty and apply decision tree analysis and other risk management techniques
- Gain skills in the application of specific risk management simulation software package
- Conduct an economic study on petroleum related projects
- Use economic terms and concepts applied in the oil & gas industry to select appropriate projects
- Create Key Performance Indicators & establish additional metrics to measure the increasingly complex nature of modern projects
- Compose effective dashboards and scorecards to report project performance
- Apply generally accepted project management techniques to establish and control an integrated project plan baseline
Who is this Training Course for?
This PetroKnowledge training course is suitable to a wide range of professionals but will greatly benefit:
- Planning managers
- Oil & gas engineers
- Project managers
- Commercial managers
- Government officials
- Business advisors
- Asset managers
- E&P managers
- Other key members of oil & gas project teams
How will this Training Course be Presented?
The training course uses a range of approaches to learning, including experiential group activities, individual exercises, mini-case studies, and computer work using PCs to apply risk management approaches. A key part of the learning process is sharing the differing experiences participants bring, as well as experimenting with novel – and sometimes challenging – techniques.
Module 1 - Advanced Oil & Gas Project Economics, Risk & Decision Analysis
Day One: Development Economics
- A Brief History of Energy Usage
- Principles of Development Economics
- Understanding of Economic terms
- Inflation and its impact on Nominal & Real Cash Flows
- Project Financing
Day Two: Uncertainty in Investments
- Handling uncertainty in Capital Projects
- Understanding Probability Concepts
- The expected Value Concept: Features and pitfalls
- Expected monetary value (EMV)
- Expected profitability index (EPI)
- Expected opportunity loss (EOL)
Day Three: Risks and Uncertainties
- Risk & Uncertainty
- Risk eversion and risk premium
- Exploration project threats and opportunities
- Economic decision criteria
- Decision Tree Analysis
- Probability Distribution
- Case study: Monte Carlo Simulation
Day Four: Setting up Spreadsheet Calculations Using Excel
- Spreadsheet Calculations
- Cash Flow Analysis
- Sensitivity analysis calculations
- Tornado Diagrams
- Introduction to Monte Carlo Simulations using @Risk
- Class exercises: Setting up an oil field Project
Day Five: Practical use of the @Risk add-on: Oil Field Development Model
- Developing an Integrated Economic Model of an Oil Field Development
- Developing and using an @Risk model analysis
- Project sensitivity analysis utilizing data from @Risk model
- Course final review and close
Module 2- Project Performance Measurement and Management
Day Six: Understanding Project Success and Failure
- Characteristics of projects
- Fundamentals of project management
- Starting a project - the charter
- Starting a project - the team
Day Seven: Value-Driven Project Management
- Value modelling and value metrics
- Metric characteristics, selection, training and management
- Project Scope planning - work breakdown structures
- Schedule planning -build and optimize project timeline
- Cost planning - estimation and construction of the project budget
Day Eight: Monitoring Performance through Effective Planning and Reporting Techniques
- Controlling uncertainty - risk management
- Controlling stakeholders - communications considerations
- Key Performance Indicators
- Status reports and project dashboards
Day Nine: Monitoring and Controlling Project Performance
- Variance analysis using Earned value management
- Forecasting to control project budgetary and schedule concerns
- Managing change
- Advanced status reporting techniques
Day Ten: Stakeholder Management
- Issues management
- Scope verification - requirements traceability
- Management of project records
- Problem-solving: identification, analysis and generation of solutions.
- Decision-making tools and techniques
The Registered Education Provider (R.E.P. ID:4349) status with the Project Management Institute (PMI®) enables PetroKnowledge to issue applicable Professional Development Hours/Units (PDHs/PDUs) to participants on our Project Management oriented training courses, to help them achieve or maintain PMI® professional credentials.
The PMI® Registered Education Provider logo is a registered mark of the Project Management Institute, Inc.
- On successful completion of this training course, PetroKnowledge Certificate will be awarded to the delegates
- On successful completion of this PetroKnowledge training course, Certificate with eligible Professional Development Units (PDUs) / Contact Hours from Project Management Institute (PMI®), will be awarded to the delegates