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Course topic:
Format availability:
In-Person, Online streaming
Duration:
5 Days
Introduction to the course
The three biggest planning challenges are predicting costs, assessing profitability, and risk management. All these tasks occur in the early stages of capital planning and failure to adequately evaluate these elements can lead to heavy losses.
This Advanced Project Economics, Risk & Decision Analysis training course will highlight:
- 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 create reports such as, tornadoes diagrams, scatter plots and cumulative probability functions, using excel
- Application of decision trees and Monte Carlo-based simulations to generate profitability indicators
- Enable the participants to develop probabilistic cashflow reports along with probabilistic profitability indicators for decision-making
Course details
The primary objectives of this KC Academy Advanced Project Economics, Risk & Decision Analysis training course are to:
- Learn how to handle uncertainty in projects
- Understand different economic terms
- Understand the expected value concept and learn its impact on decision tree analysis
- Learn expected theory concepts and attitudes towards risk, risk eversion and risk premium
- Acquire spreadsheet skills including simulation software @RISK
- Carry out cashflow analysis for project and use common economic indicators to evaluate between competing alternatives
- Carry out a comprehensive economic study evaluating projects using risk and sensitivity analysis by means of spreadsheets
This Advanced Project Economics, Risk & Decision Analysis training course will incorporate a mix of learning methods, including but not limited to, high quality power point slides, short videos and active class participation.
An in-depth knowledge of quantitative risk analysis techniques and hands-on problem solving skills will be developed during this training course . Participants will use PC’s to solve a variety of problems better enabling them to utilize the taught material.
This training course approach will be facilitated using Microsoft Excel add on @Risk module and will further assist in promoting discussions among the participants.
By sending delegates on this Advanced Project Economics, Risk & Decision Analysis training course, your organization will benefit by:
- Learning how to apply economic valuation and risk assessment processes and techniques
- Help the participants to identify and analyze the risk involved in a project
- Assist the participants to apply the decision-making procedures to justify the projects in terms of profitability
- Participants learn the decision analysis process and foundation concepts so they can actively participate in multi-discipline evaluation teams
- Monte Carlo simulation is discussed and experienced in detail in hands-on exercises
- Adding value to company’s active projects, through the use of case studies
- Help participants to recognize and identify the influencing parameters
By attending this training course, you will:
- Learn how to describe the elements of the decision analysis process and grasp how construct a project cashflow model incorporating sensitivity analysis
- Evaluate investment and design alternatives with decision tree analysis
- Gain the operational decision making techniques using @Risk
- Gain valuable knowledge in identifying the important uncertainties in projects
- Enhance your awareness of the influential parameters
This Advanced Project Economics, Risk & Decision Analysis training course is designed to provide technical and practical approaches to executing a project in the upstream sector.
This KC Academy Advanced Project Economics, Risk & Decision Analysis training course is suitable to a wide range of professionals but will greatly benefit:
- Planning Managers
- Project Managers
- Analysts
- Commercial Managers
- Economists
- Government Officials
- Geologists
- Business Advisors
- Asset Managers
- E&P Managers
- Product Managers
- Project Management Professionals
Daily Agenda
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 aversion and risk premium
- Exploration project threats and opportunities
- Economic decision criteria
- Decision tree analysis
- Probability distribution
- 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
DAY 5:
Practical Use of the @Risk add-on
- Developing an integrated economic model
- Developing and using an @Risk Model Analysis
- Project sensitivity analysis utilizing data from @Risk Model
- Training course final review and close
Frequently Asked Questions
There are no prerequisites. Our courses are open to students of all backgrounds who are 18 years of age and older. All courses are conducted in English. Video lectures include English subtitles and the option to slow-down, pause, or replay lectures for better retention. Discussion boards are a critical component of each of our courses; therefore, we suggest students have a conversational knowledge of English when pursuing a Certificate of Completion. For any of the art writing courses, students need to be 100% proficient in written English.
You should have an up-to-date web browser such as: Chrome, Safari, Firefox, or Internet Explorer. For more detailed information, please see the guides for supported browsers and basic computer specifications. Our Online Courses can be accessed on a mobile or tablet device, although we strongly encourage you to have access to a desktop or laptop computer and reliable internet connection for certain course components. Former students have told us it is easiest to read discussion threads and complete written assignments on a laptop or desktop computer.
Registration is available on our website. Just follow these simple steps: Click the “Apply Now” button in the top right corner of your screen. Select “Online Courses.” Choose your course(s). You will be asked for basic contact information and your credit card payment. We require full payment at the time of registration and all tuition is billed in US dollars. Be sure to check with your bank or credit card company, as your financial institution may charge a foreign transaction fee.
Our classes are kept small, at no more than 30 students, to better facilitate and encourage personalized interaction with the instructor and fellow participants. Your classmates come from all over the globe and contribute their global perspectives and experience. Some are currently working within the arts while others are just beginning. All classmates share in their passion for the art world.
It is recommended that you begin your course promptly. If you do need to start the course a few days late, contact your instructor as soon as possible after the course has opened to discuss your options. Registration closes on the Friday after the course begins.
Enroll now
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Course customization available
Course customization available
This training course is available to be conducted at your own pace & at your own time. Request for a quotation now and our training advisor will contact you shortly
