IPTC 2007: International Petroleum Technology Conference · 2007 · 20 citations · 0 references
BusinessDecision SciencesPetroleum EngineeringDecision AnalysisDecision MakingMulti-criteria Decision MakingCriteria WeightingDecision Making In ProjectsManagerial Decision MakingMulti-criteria Decision AnalysisMultiobjective OptimizationMulti-criteria AllocationMulti-criteria AppraisalMulti-objective Decision MakingMulticriteria AppraisalMulticriteria ComparisonMulticriteria Decision AnalysisMultiobjective Decision AnalysisMultiple Objective Decision Analysis
Decision-making within the petroleum industry is a<br>complex process involving extensive analysis of multiple<br>objectives based on a variety of diverse criteria. As part of the<br>decision-making process, companies often convert nonmonetary<br>criteria to common monetary equivalents, i.e.<br>assigning costs allocations regarding public response to a<br>proposed project. However, this approach has many<br>limitations related to recognizing the company’s true financial<br>performance in comparison to quality, safety, environmental<br>concerns and other factors.