This live Excel presentation will demonstrate how to:
- frame a Value of Imperfect Information evaluation of a drilling problem,
- quantify the frame in a risk model (SIPmath) using continuous variables,
- solve the problem frame using simulation to establish the decision policy and
- explain how we reduce downside and possibly increase the upside.
We will complete the model together and extract insights from the analysis.
We will make changes to the analysis based on Subject Matter Experts (SMEs) inputs by altering the model and updating the decision policy and insights. The model structure and detail is apparent to enable you to structure your own SIPmath simulation model.