Economics and Decision Analysis for Engineers (PET685)
This course teaches the skills required for a key component of an Engineer's job - creating value by making decisions that yield optimal returns on the allocation of human and financial resources.
Course description for study year 2022-2023
Semester tution start
Number of semesters
Language of instruction
Engineers perform technical work to support the business objectives of the organization they work for (corporation, government). It is therefore important that they understand that business because it will influence the judgments they make.
Economic evaluations provide the main source of the organization's information by which investment and operational decisions are made regarding the most effective use of resources. There are many subtleties and assumptions that underlie the apparently straight-forward economic calculations that are often seen. Consequently, a fundamental understanding of the concepts behind economic evaluation and of techniques for performing them within a petroleum context, are essential skills.
The many uncertainties inherent to the offshore business create considerable uncertainty in the value that can be realized from resource-allocation decisions. Consequently, there will be a strong emphasis on evaluating the impacts of uncertainty, managing its resultant risks and planning to exploit its up-side potential.
Required prerequisite knowledge
|Form of assessment||Weight||Duration||Marks||Aid|
|Digital school exam||1/1||4 Hours||Letter grades||All|
The assessment consist of a digital on-campus exam.
Portfolio containing five assignments that needs to be approved in to acccess the final exam.
The students may cooperate on the assignments.