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Value of Information and Flexibility

Value of Information and Flexibility Making Decisions Under Uncertainties - Petroleum Engineering

Paperback (22 Oct 2022)

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Publisher's Synopsis

This book presents a consistent methodology for making decisions under uncertain conditions, as is almost always the case. Tools such as value of information and value of flexibility are explored as a means to make more complex and nuanced decisions.

The book develops the complete formalism for assessing the value of acquiring information with two novel approaches. Firstly, it integrates the fuzzy characteristics of data, and secondly develops a methodology for assessing data acquisition actions that optimize the value of projects from a holistic perspective. The book also discusses the formalism for including flexibility in the project decision assessment. Practical examples of oil- and gas-related decision problems are included and discussed to facilitate the learning process.

This book provides valuable advice and case studies applicable to engineers, researchers, and graduate students, particularly in the oil and gas industry and pharmaceutic industry.


Book information

ISBN: 9783030869915
Publisher: Springer International Publishing
Imprint: Springer
Pub date:
Language: English
Number of pages: 280
Weight: 426g
Height: 235mm
Width: 155mm
Spine width: 16mm