Making Good Decisions


Management and Infomation

Description

The objective of this course is to explore and teach a practical methodology, consisting of process and tools, for making good decisions. It is specifically designed to address a common set of factors that make decision-making hard and is supported by rigorous theoretical foundation.

Outline

  • Introduction to Decision-Making
    • Hard decisions,  decision elements, good decisions
  • Multi-Objective Decision-Making Methodology
    • Structuring/Framing the decision situation
      • Decision context, objective setting, generating alternatives
    • Evaluating/Modelling the decision
      • Measuring performance of alternatives against objectives
      • Weighting and combining objectives to select best alternative
    • Assessing and Deciding
      • Testing robustness of decision to inputs – Sensitivity analysis
      • Handling trade-offs between conflicting objectives
      • Assessing decision quality, both during and after decision-making process

Learning Level

Intermediate

Course Length

1 Day

Who Should Attend

Industry professionals interested to explore the practical methodology to good decision making.

CEUs

Engineers are responsible for enhancing their professional competence throughout their careers. Licensed, chartered, and or/ certified engineers are sometimes required by government entities to provide proof of continued professional development and training. Training credits are defined as Continuing Education Units (CEUs) or Professional Development Hours (PDH). Attendees of SPE training courses earn 0.8 CEUs for each day of training. We provide each attendee a certificate upon completion of the training course.

Instructor

Steve Begg is Professor of Petroleum Engineering and Management and Head of the Australian School of Petroleum at The University of Adelaide, where he specializes in tools and processes for improved business performance.  His focus is on asset and portfolio economic evaluation and decision-making under uncertainty, including psychological and judgmental factors in eliciting expert opinions and uncertainty assessment.