• Class and Course

    Decision trees for oil and gas

    This one-day course will take participants on a guided tour that begins with a probability refresher, presents in detail the various types of nodes of a decision tree, explains how to calculate an EMV, and shows how to solve a tree. 

    A case study combines decision trees and Bayesian inversion in a Value of Information analysis, showing how the probability of geologic success should be revised to incorporate new seismic information and how the quality of this information impacts its value.  

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