Economics and Decision Analysis for Engineers (PET685)

Content

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.

Learning outcome

Required prerequisite knowledge

Recommended prerequisites

Exam

Coursework requirements

Portfolio containing five assignments that needs to be approved in to access the final exam.

The students may cooperate on the assignments.

Course teacher(s)

Course coordinator:

Study Program Director:

Study Adviser:

Head of Department:

Method of work

Open for

Course assessment

Literature