PETROENG 4027 - Decision Making and Risk Analysis
Career: | Undergraduate |
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Units: | 3 |
Term: | Semester 1 |
Campus: | North Terrace |
Contact: | Block-format course (8 days) with integrated lectures, practicals (computer based) and discussions |
Available for Study Abroad and Exchange: | Yes |
Available for Non-Award Study: | Yes |
Assumed Knowledge: | Introductory Petroleum Geology & Engineering, SACE Stage 2 Maths, basic Excel |
Assessment: | Mid-course test, assignment, final exam |
Syllabus: |
This course teaches the skills required for a key component of a Petroleum Engineer's job - creating value by making decisions that yield optimal returns on the allocation of human and financial resources. The many uncertainties inherent to the oil and gas business (estimating current 'states-of-the world/nature' and predicting future events) create considerable uncertainty in the value that can be realised from resource-allocation decisions. Consequently, there will be a strong emphasis on evaluating the impacts of uncertainty, managing its resultant risks and planning to exploit its up-side potential. Topics to be addressed are the decision-making process, multi-objective decision making, decision-tree analysis, decision criteria, Monte Carlo Simulation and Value of Information & Flexibility. In addition, Utility Theory will be introduced as a means of rationally accounting for risk attitudes. Some of the psychological and judgemental aspects of how people respond to uncertainty will be discussed. The techniques learned in this course will also be useful in making personal decisions. |
Course Fees
Study Abroad student tuition fees are available here
Only some Postgraduate Coursework programs are available as Commonwealth Supported. Please check your program for specific fee information.
The fees displayed below for international students are for students commencing a program in 2024 only. International students who commenced a program in 2023 or prior can find their fee here.
EFTSL | |||
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0.125 |
Course Outline
A Course Outline which includes Learning Outcomes, Learning Resources, Learning & Teaching for this course may be accessed here
Critical Dates
Term | Last Day to Add Online | Census Date | Last Day to WNF | Last Day to WF |
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Semester 1 | Tue 12/03/2024 | Thu 21/03/2024 | Fri 03/05/2024 | Fri 07/06/2024 |
Class Details
Enrolment Class: Workshop | |||||||
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Class Nbr | Section | Size | Available | Dates | Days | Time | Location |
14167 | WR01 | 15 | 5 | 20 Mar - 21 Mar | Wednesday, Thursday | 9am - 1pm | Petroleum Engineering, G13, Teaching Room |
20 Mar - 21 Mar | Wednesday, Thursday | 1pm - 5pm | Petroleum Engineering, G13, Teaching Room | ||||
25 Mar - 27 Mar | Monday, Tuesday, Wednesday | 9am - 1pm | Petroleum Engineering, G13, Teaching Room | ||||
25 Mar - 27 Mar | Monday, Tuesday, Wednesday | 1pm - 5pm | Petroleum Engineering, G13, Teaching Room | ||||
15 May - 16 May | Wednesday, Thursday | 9am - 1pm | Petroleum Engineering, G13, Teaching Room | ||||
15 May - 16 May | Wednesday, Thursday | 1pm - 5pm | Petroleum Engineering, G13, Teaching Room |