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f Decision Focused Assessment of Opportunities Including a Case Discussion of Unconventional Evaluation Principles
- Publisher: European Association of Geoscientists & Engineers
- Source: Conference Proceedings, 75th EAGE Conference & Exhibition - Workshops, Jun 2013, cp-349-00118
- ISBN: 978-90-73834-49-1
Abstract
A fundamental solution path involves the creation of decision centric models that incorporate chance, uncertainty, dependency, and correlation. Throw out the precision/calculation approach and embrace the uncertainty. Typical model objectives of “calculating the answer” fall flat. A better approach is to create threshold, indifference, and confidence models that truly provide management with decision context as opposed to a sometimes baffling array of discrete output.