Decision Quality in Complex Project Decision Making

Recorded On: 01/27/2016

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What are the biases and conditions which can make project decisions difficult? How can elements of Decision Quality address them to improve both the decisions that are made and the efficiency with which they are made? Whether working conventional or unconventional projects, Greenfield or late life assets, practical Decision Quality can play an important role to help project teams improve the efficiency and quality of the decisions required to move their projects through the stage gates of execution.

Decision research and psychologists suggest that humans have two modes of thinking when it comes to decisions: System 1 thinking, which is automatic, instinctive and emotional and System 2 thinking, which is slow, logical and deliberate (Daniel Kahneman, winner of the Noble prize in economics, introduced these ideas and terms in his excellent book, Thinking Fast and Slow.) Knowing when and how to apply System 2 thinking with groups of people to move complex decisions forward is the topic for this presentation.

The frequent high risk, high cost of decisions in the oil industry demands efficient, informed decision making. Key to this is a clear strategy which is updated as new information is obtained to ensure quality decisions. Teams benefit from a structured approach to define their problem and some viable alternatives to consider, run those by their stakeholders, and then evaluate their options with the ability to consider inherent risks and uncertainties. This presentation will discuss decision biases and the elements of Decision Quality, and then introduce the workflow using a complex oil industry late life asset case example.

Ellen Coopersmith

Founder and President, Decision Frameworks

Ellen Coopersmith has a B.S. in Petroleum Engineering from the Colorado School of Mines, and is the Founder and President of Decision Frameworks, an international consulting, training and software practice focused on building decision capability in the oil industry. Prior to forming Decision Frameworks, Ms. Coopersmith worked at Conoco, Inc. 16 years, the last five of which, as the director Decision & Risk Analysis. She is a board certified Decision Analysis Fellow, a Professional Engineer, a published speaker on decision making and Decision Quality implementation and has headed up a global practice of decision analysis for 22 years.

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01/27/2016 at 12:30 PM (EST)  |  Recorded On: 01/27/2016
01/27/2016 at 12:30 PM (EST)  |  Recorded On: 01/27/2016 Scheduled for 90 minutes.
CEU Credit
Live and Archive Viewing: 0.15 CEU credits and certificate available
Live and Archive Viewing: 0.15 CEU credits and certificate available CEU Credit