An Intensive 3-Day Online Training Course
Data and Decision Analysis in Petroleum Industry
Scheduled Dates
| 14 - 16 Oct 2024 | Online | $2,950 |
Why Choose this Training Course?
Why Choose this Online Training Course?
The petroleum industry must constantly face new challenges. Oil and gas companies should create value with uncertain prices, technical and environmental obstacles, and increasingly hard-to-find resources in a complex global trade system. In this PetroKnowledge online training course, we discuss the art and science of decision making in modern petroleum organizations with an emphasis on methods, data analytics, and human aspects. The training course covers applications from oil and gas exploration and production to midstream and downstream projects.
For an effective learning experiences, we use Microsoft Excel, and to some extent, Spreadsheet simulation software.
This PetroKnowledge Online Training course will highlight:
- The value chain in petroleum industry and their data analysis needs
- decision making processes and tools
- Human biases in decision making
- The role of information, statistics, and modern analytics in decision making
- Applications in exploration, development, production, and transportation of petroleum
What are the Goals?
What are the Goals?
We aim to enhance participants’ understanding of decision making by focusing on data, methods, and behavioral aspects. We explore the role of intuitive versus analytical reasoning in decision-making. We will also discuss how sound approaches to decision-making can influence sustained development and innovation in the petroleum business.
At the end of this PetroKnowledge Online Training course, you will:
- Understand the importance of good decision making in petroleum business
- Understand the relationship between data, uncertainty, and the concept of risk
- Gain skills in effective formulation of analytics
- Understand the human biases and their effect on decisions
- Learn about industry best practice and their real-world implementations
Who is this Training Course for?
Who is this Online Training Course for?
This PetroKnowledge online training course is useful for analysts, engineers, and managers involved in the data gathering, processing, interpretations, and supporting decisions. In short, all of us.
This PetroKnowledge online course is suitable to a wide range of professionals but will greatly benefit:
- Technical staff interested in data and decision analysis
- Executives interested in gaining in-depth knowledge of analysis and how they support decisions
- Practitioners that work with data
- Researchers and practitioners who aim to broaden their knowledge of analytics and decision making
How will this Training Course be Presented?
How will this Online Training Course be Presented?
This PetroKnowledge online training course will utilize a variety of proven online learning techniques to ensure maximum understanding, comprehension, retention of the information presented. The training course is conducted online via an Advanced Virtual Learning Platform in the comfort of your choice location.
Organisational Impact
Improving analysis and decision-making skills creates value for organizations. In essence, the only function of any organization is making business decisions. This PetroKnowledge online training course prepares individuals for the challenges of real world-decisions, from highly uncertain, data-scarce situations to information-rich environments. This PetroKnowledge online course trains individuals that:
- Increase the capabilities of organizations by generating insights from data
- Possess knowledge and skills of dealing with uncertainty
- Open doors to value creating opportunities
Personal Impact
In general, more informed analysis leads to more informed decision making. The set of skills that this course offers prepares individuals for a more effective role within the organization. This PetroKnowledge online training course:
- Prepares individuals for a role with wider perspective
- Gives participants a more informed frame of mind
- Supports their existing knowledge and skillset by improving their analytical capabilities
- Enables participants to analyze complex decisions and generate insights
- Promotes personal skills in valuation and effective decision making
Daily Agenda
Day One: Introduction to Good Decision Making
- Decision analysis
- Good decisions vs. good outcomes
- Information for effective decision making
- Introduction to data, statistics, and modern analytic methods
- Uncertainties: using probability to encode uncertainty
Day Two: Effective Tools and Methods
- Analytic tool: decision trees
- Analytic tool: statistical inference
- Analytic tool: regression analysis
- Using spreadsheets to solve real world oil and gas problems
- Practical aspects of data and decision analysis
Day Three: Advance Topics
- An introduction to optimization
- Linear Programming: Case Study, what is the best generator choice?
- Integer programming: Knapsack problem
- Bayesian analytics
- Value of Information: Case study, what is the value of seismic information?
Certificate
- On successful completion of this online training course, a PetroKnowledge E-Certificate will be awarded to the delegates
