San Francisco Chapter Meeting: Speaker Trygve Botn, ThinQ Decisions November 12, 2020
This live Excel presentation demonstrates how to 1) frame a Value of Imperfect Information evaluation of a drilling problem, 2) quantify the frame in a risk model using continuous variables, 3) solve the problem frame using simulation to establish the decision policy and 4) explain how to reduce downside and possibly increase the upside. We complete the model together and extract insights from the analysis. We make change to the analysis based on Subject Matter Expers (SMEs) inputs by altering the model and updating the decision policy and insights. The model structure and detail are apparent to enable you to structure your own SIPmath model.
SDP membership is required for full access to this presentation.
Keywords: evaluation anamod, modeling modtree, uncertainty analysis uncanal, Monte Carlo simulation mcsim, voi voivoc, bayes, SIPmath