Mitigating Bias in Exploration and Production (E&P) Decision Making
Decisions in Exploration and Production (E&P) ventures are affected by bias which permeates our analyses, interpretations and recommendations. This often leads to poor decisions regarding what work to undertake, which issues to focus on, and whether to forge ahead or walk away from a project.
This course begins by examining the types of bias that affect us. Exercises, polling questions and videos help illustrate how these manifest themselves in our daily work. We then address their role in the oil and gas industry by presenting illustrative examples showcasing their impact. Two case studies, including one on the Eagle Ford, will be presented and participants will be asked to identify forms of bias that contributed to the project outcome and how these could have been addressed. The course concludes with a mitigation ‘toolkit’ that can immediately be applied to project work.
This course it a real “eye-opener” because participants see how subconscious thinking patterns lead to errors in processing information. These errors are common in all of us. Fortunately, they are predictable and repeatable, offering us the chance to develop the means to combat them.
A pdf file of the slides presented will be provided to attendees in advance. The course has been very popular with everyone from oilfield hands to C-suite executives. Participant comments about the course include:
New concepts and materials-lightbulb moment!
Powerful use of industry examples
Resonates through all of what we do
Location:
Online - No recording