Value of Control

e-Learning

About the eLearning Course

This eLearning course discusses the concept of the Value of Control, exploring its significance in decision-making and business strategy. It provides a comprehensive examination of decision trees and Monte Carlo simulation techniques, focusing on their application in risk management and project evaluation. The course includes practical exercises, such as a plant expansion decision, to reinforce learning and ensure participants can apply these techniques effectively in real-world scenarios.


 

See example online learning module

Target Audience

Geologists, engineers, geophysicists, managers, team leaders, economists, and planners.

You Will Learn

  • Properly sequence decision tree nodes and back-solve for node-branch expected values

  • Determine when to place costs and benefits on branches

  • Compare the advantages and disadvantages of decision trees versus Monte Carlo simulation

  • Distinguish between threats and opportunities in project management

  • Understand the risk matrix and its application to the VOC concept

  • Set up and solve decision trees for evaluating control-adding alternatives and the expected value (EV) cost of accidents

Product Details

Categories:

Upstream

Disciplines:

Energy Business

Levels:

Basic

Product Type:

eLearning Course

Format:

On-Demand

Duration:

4 hours (approx.)
$395.00
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