Advanced Project Risk Analysis and Management
5 DAY COURSE
Title:Advanced Project Risk Analysis & Management
Duration:5 day Course
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This advanced course is concerned with applying best practice risk management techniques within the oil and gas industry. Using an oil and gas case study that runs through the course, delegates are taken through the qualitative approach to risk management and then take this forward into the quantitative model.
Delegates have the opportunity to actively perform Monte Carlo analysis in many different industry scenarios through the application of industry leading software. The emphasis on the course is very much the concepts and techniques themselves, rather than the software features. Delegates will build up quantitative models which can then be taken away after the course and modified for their own projects. The course also looks at crafting and solving decision models, and developing and solving decision trees for value of information problems.
By the end of the course, delegates will be able to:
- Describe the elements of the decision analysis process and the respective roles of management and the analysis team
- Express and interpret judgments about risks and uncertainties as probability distributions and popular statistics.
- Model correlations between project variables.
- Frame, build, and evaluate decision models and extract key insights.
- Use decision tree analysis for information analysis.
- Use Monte Carlo simulation software with optimisation.
- Develop quality Excel models for projects.
- Calculate probabilities and distributions with simulation.
- Evaluate investment and design alternatives with decision tree analysis.
The course is five days and begins at 8:30 AM. Please note that delegates should expect to continue working on the course during the evenings, and earlier starts may be required on subsequent mornings.
Delegates are required to have an understanding of project planning, monitoring and control, and a basic grasp of MS Excel and Project. This course is for experienced project practitioners.
Who would benefit?
This course is open to a wide variety of attendees in various disciplines who wish to improve the application of risk management on projects. This may include drilling engineers, field engineers involved in drilling operations or planning drilling programmes, service engineers, mud engineers, cement engineers, geologists, petroleum engineers and work over and completion engineers.
On completion of this course you will receive a certificate of course completion, and complimentary access to Adept’s online learning resource which contains video refreshers of course topics, quizzes, and much more. *You will also be eligible for 45 PDUs (Professional Development Units).