

PRD 

ADA 

EPP 
Major Type of Competency Skill 
Detailed Competency Skill Description 
Skill Level 
Lecture or Exercise 
Hours 
Key Skill 

Skill Level 
Lecture or Exercise 
Hours 
Key Skill 

Skill Level 
Lecture or Exercise 
Hours 
Key Skill 
































Administration 
Introductions and course administration 

L 
.50 



L 
.50 



L 
.50 


Wrapup 

L 
.50 



L 
.50 



L 
.50 




1.00 




1.00 




1.00 
















Decision Analysis Process[1] 
Describes decision analysis[2] 
2 
L 
.75 
x 






2 
L 
.75 
x 

Identifies opportunities to apply decision analysis 
3 
L 
.25 
x 






3 
L 
.25 
x 

Follows a tenstep decision analysis process 
2 
L 
.50 
x 






2 
L 
.50 
x 

Defines key evaluation terminology (review) 
2 
E 
1.00 
x 






2 
E 
1.00 
x 

Selects the proper calculation method 
2 
L 
.25 
x 






2 
L 
.25 
x 

Presents a decision analysis 
2 
L 
.50 
x 

3 
L 
.50 


2 
L 
.50 
x 

Experienced with crossdisciplined teams 
2 
E 
1.25 







2 
E 
1.25 


Understands strategies for implementing DA 





2 
L 
.50 
x 






Recognizes common issues in implementing DA 




2 
L 
.50 
x 








4.50 




1.50 




4.50 
















Probability and Statistics 
Understands probability distributions 
2 
L 
.75 
x 

3 
E 
.50 


2 
L 
.75 
x 

Expresses or captures judgment as a distribution 
2 
E 
.50 
x 






2 
E 
.50 
x 

Produces frequency distributions 
2 
L 
.25 
x 

3 
E 
.50 


2 
L 
.25 
x 

Understands mean and standard deviation 
2 
E 
1.00 







2 
E 
1.00 


Specifies several common distribution types 
2 
L 
.50 







2 
L 
.50 


Understands methods to calculate EV[3] 
2 
E 
1.00 
x 






2 
E 
1.00 
x 

Knows several methods to represent correlation
between variables 
2 
L 
.50 


2 
E 
1.00 


2 
L 
.50 


Draws Venn diagrams 
2 
E 
.75 







2 
E 
.75 


Applies the three primary probability rules 
3 
E 
1.50 
x 






3 
E 
1.50 
x 

Constructs and uses joint probability tables 
3 
E 
.75 







3 
E 
.75 


Applies Bayes' rule in revising probabilities 
2 
E 
3.00 
x 

3 
E 
.50 


1 
L 
.50 




10.50 




2.50 




8.00 
















Decision Policy 
Describes three components of decision policy 
2 
L 
1.50 
x 






2 
L 
1.50 
x 

Can apply multicriteria decision making 
1 
L 
.25 


2 
L 
.50 
x 

1 
L 
.50 


Understands ways to represent HSE values 
2 
L 
.25 


2 
L 
.50 
x 

2 
L 
.25 


Can work with utility function for risk policy 





2 
E 
5.00 
x 








2.00 




6.00 




2.25 
















Modeling 
Describes problem with influence diagram 
1 
L 
.50 


2 
E 
1.00 
x 

2 
E 
1.00 


Performs the PV calculation 
1 
E 
.50 
x 

2 
E 
.75 
x 

2 
E 
1.50 
x 

Performs escalation and inflation calculations 
1 
L 
.25 


2 
E 
.50 
x 

3 
E 
1.00 
x 

Familiar with several sensitivity analysis techniques 
1 
L 
.25 
x 

2 
E 
.25 
x 

2 
L 
.25 
x 

Understands optimization, including bidding 
1 
L 
.50 


2 
E[4] 
1.00 
x 

1 
L 
.50 


Describes probabilistic reserves issues 
1 
L 
.50 







2 
E 
1.00[5] 
x 

Familiar with volumetric method and exponential decline 




2 
E 
.50 
x 

2 
L 
.50 
x 

Can model a multipay drilling location 
2 
E 
2.00 
x 

2 
E 
2.00 
x 

1 
E 
2.00[6] 


Outlines how to mode plays and basins 
1 
L 
.25 


2 
L 
1.00 
x 

1 
L 
.25 


Aware of discovery process and resource assessment models 



1 
L 
.75 







Follows good Excel modeling techniques 
1 
L 
.25 


2 
E 
.50 
x 

3 
L 
1.00 
x 

Describes modeling tricks and traps 





2 
L 
.75 
x 

2 
L 
.75 
x 

Identifies project schedule modeling concepts[7] 




2 
E 
1.00 
x 






Identifies some emerging evaluation technologies[8] 




1 
L 
1.50 
x 








5.00 




11.50 




9.75 
















Economics, Accounting and Finance 
Understands the PV discount rate 
2 
L 
.50 


3 
L 
1.00 


2 
L 
1.00 


Knows how to optimize a portfolio under capital
constraint 
2 
L 
.50 


2 
L 
.50 
x 

2 
L 
.50 


Aware of basic portfolio management concepts 
1 
L 
.50 


2 
L 
1.00 
x 

1 
L 
.50 


Understands the concept of options 





2 
L 
1.00 
x 






Knows some basic accounting concepts 





1 
L 
1.00 


1 
L 
.75 




1.50 




4.50 




2.75 
















Decision Tree Analysis 
Can model a problem as a decision tree 
2 
E 
3.75 
x 

2 
E 
2.00 
x 

2 
E 
3.75 
x 

Can value imperfect information 
2 
E 
3.00 
x 

3 
E 
1.00 
x 

1 
L 
.75 


Can value imperfect control 
2 
E 
2.00 
x 






2 
E 
2.00 
x 

Has experienced decision tree software 
1 
L 
.50 


2 
E 
2.00 
x 

1 
L 
.50 


Can calculate expected utility and certain equivalent 




3 
E 
1.00 
x 








9.25 




6.00 




7.00 
















Monte Carlo Simulation 
Understands the priciples of MC simulation 
2 
L 
1.00 
x 






2 
L 
1.00 
x 

Understands Latin hypercube sampling 
2 
L 
.50 
x 






2 
L 
.50 
x 

Can solve for EV using MCS 
2 
E 
1.00 
x 






2 
E 
1.00 
x 

Understands stochastic variance causes and
effect 
2 
L 
.50 
x 

3 
E 
.75 
x 

2 
L 
.50 
x 

Experience with Monte Carlo simulation software 
1 
L[9] 
.50 


1 
E 
1.50 
x 

1 
L[10] 
.50 


Understands several approaches for a Monte Carlo stopping rule 



2 
L 
1.00 
x 






Can calculate expected utility and certain equivalent 




3 
E 
.50 
x 








3.50 
23 
x's 

3.75 
28 
x's 

3.50 
25 















Topics if Time Permit or of Special Interest for InHouse Courses 















Competitive bidding simulation 




Project risk management 



Red fields in EPP indicates where 


Additional practice/company examples 



emphasis or topic is different from PRD. 

Psychological biases 




















Subtotals 
37.25 




36.75 




38.75 

PRD = Petroleum Risks and Decision Analysis 

Checksum 
37.25 




36.75 




38.75 

ADA = Applied Decision Analysis with Portfolio and Project Modeling 














EPP = Economic Evaluation of Prospects and Producing Properties 




















Lecture 
14.25 




13.00 




17.75 



Exercises[11] 
23.00 




23.75[12] 




21.00[13] 




37.25 




36.75 




38.75 
