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Holistic oil field value management: using system dynamics for ‘intermediate level’ and ‘value-based’ modelling in the oil industry

Author

Listed:
  • D Corben

    (Cognitus Ltd., Harrogate)

  • R Stevenson

    (Cognitus Ltd., Harrogate)

  • E F Wolstenholme

    (Cognitus Ltd., Harrogate)

Abstract

System dynamics has been seen primarily as a strategic tool, most effectively used at the highest level of strategy to identify robust policy interventions under a wide range of scenarios. However, an alternative, complementary and powerful role is emerging. This is at an ‘intermediate level’ in organisations to coordinate and integrate policies across the value chain. It is at this level where business value, as defined by the discounted value of future free cash flow, is both created and destroyed. This paper introduces the need for ‘intermediate-level’ and ‘value-based’ modelling and emphasises the natural role of system dynamics in supporting a methodology to fulfil the need. It describes the development of an approach and its application in the oil industry to coordinate the response of people and tools within operational, financial and commercial functions across the value chain to address a variety of problems and issues.

Suggested Citation

  • D Corben & R Stevenson & E F Wolstenholme, 1999. "Holistic oil field value management: using system dynamics for ‘intermediate level’ and ‘value-based’ modelling in the oil industry," Journal of the Operational Research Society, Palgrave Macmillan;The OR Society, vol. 50(4), pages 383-391, April.
    • Handle: RePEc:pal:jorsoc:v:50:y:1999:i:4:d:10.1057_palgrave.jors.2600692
    DOI: 10.1057/palgrave.jors.2600692
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    Cited by:

    1. Michael Emes & Alan Smith & Douglas Cowper, 2005. "Confronting an identity crisis—How to “brand” systems engineering," Systems Engineering, John Wiley & Sons, vol. 8(2), pages 164-186.
    2. T-S Jan & C-T Hsiao, 2004. "A four-role model of the automotive industry development in developing countries: a case in Taiwan," Journal of the Operational Research Society, Palgrave Macmillan;The OR Society, vol. 55(11), pages 1145-1155, November.
    3. Federico Cosenz & Guido Noto, 2016. "Applying System Dynamics Modelling to Strategic Management: A Literature Review," Systems Research and Behavioral Science, Wiley Blackwell, vol. 33(6), pages 703-741, November.

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