Introduction
This 10-Day Advanced Project Economics & Performance Management for Oil & Gas Professionals online training course addresses the need for professionals in the Oil & Gas industry to manage and control projects. An in-depth treatment of project uncertainty enables delegates to tackle the economic challenges facing the petroleum industry and use effective risk planning and management techniques to support effective decision-making. This ability to control projects is further enhanced through the establishment of effective project governance systems to establish key performance indicators and measure project progress.
Key highlights of this GLOMACS 10-Day Advanced Project Economics & Performance Management for Oil & Gas Professionals online training course are:
- Identification of the stages required in the risk analysis process, i.e., preparing, modeling, and running risk analysis
- Development of the risk model, assessing probabilities to various variables, risk analysis, and explore the impact of uncertain variables
- Enable the participants to perform quantitative risk management techniques and conduct data-driven decision-making using probabilistic profitability indicators
- Exploration of the concept of value and value-driven project management
- Definition of key performance indicators, metrics and reporting dashboards
- Examination of effective governance mechanisms to support planning, execution (change) and performance management
- Application of core planning techniques
Objectives
By the end of this 10-Day Advanced Project Economics & Performance Management for Oil & Gas Professionals online training course, you will be able to:
- Appreciate attitudes to uncertainty and apply decision tree analysis and other risk management techniques
- Gain skills in the application of specific risk management simulation software package
- Conduct an economic study on petroleum related projects
- Use economic terms and concepts applied in the oil & gas industry to select appropriate projects
- Create Key Performance Indicators & establish additional metrics to measure the increasingly complex nature of modern projects
- Compose effective dashboards and scorecards to report project performance
- Apply generally accepted project management techniques to establish and control an integrated project plan baseline
Training Methodology
This online training course will utilize a variety of proven online learning techniques to ensure maximum understanding, comprehension, retention of the information presented. The training course is conducted Online via an Advanced Virtual Learning Platform in the comfort of any location of your choice
Organisational Impact
By sending delegates on this online training course your organization will benefit by:
- Enhanced decision-making and time and resource allocation - leading to better organisational and individual performance
- Use of a well proven planning process
- Increased recognition of key influences impacting oil & gas field developments
- Excelling in project management practice and increasing organizational maturity
- Equipping employees in refining abilities for project leadership and management
- Gaining confidence from customers by having project professionals capable of applying consistent project management techniques and effective progress communication processes
Personal Impact
By attending this 10-Day Advanced Project Economics & Performance Management for Oil & Gas Professionals online training course, you will:
- Evaluate investment and design alternatives with decision tree analysis
- Gain operational decision making techniques using @Risk
- Gain valuable knowledge in identifying the important uncertainties in petroleum projects
- Appreciating the need to recognize that value-driven approaches and a focus on “outcomes rather than outputs” is fast becoming the driving force of projects
- Familiarize yourself with the PMI PMBOK® standard which will support any future endeavors in pursuing the widely recognized CAPM® and PMP® certifications
Who Should Attend?
This GLOMACS 10-Day Advanced Project Economics & Performance Management for Oil & Gas Professionals online training course is suitable to a wide range of professionals but will greatly benefit:
- Planning Managers
- Oil & Gas Engineers
- Project Managers
- Project Management Professionals
- Analysts
- Commercial Managers
- Economists
- Government Officials
- Geologists
- Business Advisors
- Asset Managers
- E&P Managers
- Other key members of oil & gas project teams
MODULE I: Advanced Oil & Gas Project Economics, Risk & Decision Analysis
DAY 1
Development Economics
- A Brief History of Energy Usage
- Principles of Development Economics
- Understanding of Economic Terms
- Inflation and its Impact on Nominal & Real CashFlows
- Project Financing
DAY 2
Uncertainty in Investments
- Handling Uncertainty in Capital Projects
- Understanding Probability Concepts
- The Expected Value Concept: Features and Pitfalls
- Expected Monetary Value (EMV)
- Expected Profitability Index (EPI)
- Expected Opportunity Loss (EOL)
DAY 3
Risks and Uncertainties
- Risk & Uncertainty
- Risk Eversion and Risk Premium
- Exploration Project Threats and Opportunities
- Economic Decision Criteria
- Decision Tree Analysis
- Probability Distribution
- Case Study: Monte Carlo Simulation
DAY 4
Setting up Spreadsheet Calculations Using Excel
- Spreadsheet Calculations
- CashFlow Analysis
- Sensitivity Analysis Calculations
- Tornado Diagrams
- Introduction to Monte Carlo Simulations using @Risk
- Class Exercises: Setting-up an Oil Field Project
DAY 5
Practical use of the @Risk add-on: Oil Field Development Model
- Developing an Integrated Economic Model of an Oil Field Development
- Developing and using an @Risk Model Analysis
- Project Sensitivity Analysis utilizing data from @Risk Model
- Training Course Final Review and Close
MODULE II: Project Performance Measurement and Management
DAY 6
Understanding Project Success and Failure
- Characteristics of Projects
- Fundamentals of Project Management
- Starting a Project - The Charter
- Starting a Project - The Team
DAY 7
Value-Driven Project Management
- Value Modelling and Value Metrics
- Metric Characteristics, Selection, Training and Management
- Project Scope Planning - work breakdown structures
- Schedule Planning - build and optimize project timeline
- Cost Planning - estimation and construction of the project budget
DAY 8
Monitoring Performance through Effective Planning and Reporting Techniques
- Controlling Uncertainty - Risk Management
- Controlling Stakeholders - communications considerations
- Key Performance Indicators
- Status Reports and Project Dashboards
DAY 9
Monitoring and Controlling Project Performance
- Variance Analysis using Earned Value Management
- Forecasting to Control Project Budgetary and Schedule Concerns
- Managing Change
- Advanced Status Reporting Techniques
DAY 10
Stakeholder Management
- Issues Management
- Scope Verification - requirements traceability
- Management of Project Records
- Problem-Solving: Identification, Analysis and Generation of Solutions
- Decision-making Tools and Techniques
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