University Course Planner The University of Adelaide Australia

PETROENG 4027 - Decision Making and Risk Analysis

Career: Undergraduate
Units: 3
Term: 3810
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

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Student Status

Domestic
International

What type of place are you studying in

Commonwealth supported
Full fee paying

Study Level

Undergraduate
Postgraduate Coursework
Non Award

Program of Study

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.

Units
EFTSL
Amount
3
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
3810 Mon 12/03/2018 Sat 31/03/2018 Fri 04/05/2018 Fri 08/06/2018


Class Details

Enrolment Class: Lecture
Class Nbr Section Size Available Dates Days Time Location
10415 LE01 60 17 7 Mar - 9 Mar Wednesday, Thursday, Friday 9am - 1pm Petroleum Engineering, G04, Teaching Room
7 Mar - 9 Mar Wednesday, Thursday, Friday 1pm - 5pm Petroleum Engineering, G04, Teaching Room
13 Mar - 14 Mar Tuesday, Wednesday 9am - 1pm Petroleum Engineering, G04, Teaching Room
13 Mar - 14 Mar Tuesday, Wednesday 1pm - 5pm Petroleum Engineering, G04, Teaching Room
24 Apr - 27 Apr Tuesday, Thursday, Friday 9am - 1pm Petroleum Engineering, G04, Teaching Room
24 Apr - 27 Apr Tuesday, Thursday, Friday 1pm - 5pm Petroleum Engineering, G04, Teaching Room