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Decision Analysis and Its Application in the Choice Between Two Wildcat Oil Ventures

Author

Listed:
  • Jinoos Hosseini

    (College of Business Administration, Box 88, Wichita State University, Wichita, Kansas 67208)

Abstract

The decision environment in which an independent oil and gas producer operates is extremely complex. In a specific case a decision analytic model was found to be useful. To choose between two site locations for drilling an oil well, the decision maker considered geological and engineering factors in light of his attitudes toward risk and money. A decision-tree analysis provided a framework for systematically analyzing the problem and reaching a decision.

Suggested Citation

  • Jinoos Hosseini, 1986. "Decision Analysis and Its Application in the Choice Between Two Wildcat Oil Ventures," Interfaces, INFORMS, vol. 16(2), pages 75-85, April.
    • Handle: RePEc:inm:orinte:v:16:y:1986:i:2:p:75-85
    DOI: 10.1287/inte.16.2.75
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    Cited by:

    1. Zanakis, Stelios H. & Mandakovic, Tomislav & Gupta, Sushil K. & Sahay, Sundeep & Hong, Sungwan, 1995. "A review of program evaluation and fund allocation methods within the service and government sectors," Socio-Economic Planning Sciences, Elsevier, vol. 29(1), pages 59-79, March.
    2. Bai, Yang & Meng, Jie & Meng, Fanyi & Fang, Guochang, 2020. "Stochastic analysis of a shale gas investment strategy for coping with production uncertainties," Energy Policy, Elsevier, vol. 144(C).
    3. Zhou, P. & Ang, B.W. & Poh, K.L., 2006. "Decision analysis in energy and environmental modeling: An update," Energy, Elsevier, vol. 31(14), pages 2604-2622.

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