“Uncertainty reduction doesn’t create value…” or does it?

by Dmitry Surovtsev, Schlumberger This post is inspired by an interesting online discussion I had with Trygve Botn in the aftermath of the RAW2020 event [1]. As the original forum chat doesn’t seem to be a common meeting place for risk professionals so far, I’ve agreed with Alex Sidorenko to put this extended version of… Continue reading “Uncertainty reduction doesn’t create value…” or does it?

RAW2020: How to use Value of Information to improve the decision policy in Oil and Gas? – Trygve Botn

https://2020.riskawarenessweek.com/talks/how-to-use-value-of-information-to-improve-the-decision-policy-in-oil-and-gas/ 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… Continue reading RAW2020: How to use Value of Information to improve the decision policy in Oil and Gas? – Trygve Botn