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

Jinoos Hosseini
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Jinoos Hosseini: College of Business Administration, Box 88, Wichita State University, Wichita, Kansas 67208

Interfaces, 1986, vol. 16, issue 2, 75-85

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.

Keywords: decision analysis: applications; industries: petroleum/natural gas (search for similar items in EconPapers)
Date: 1986
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