This is a decision criterion that derives from judgments about risks and uncertainties expressed as probabilities. Expected value is the cornerstone of any formal, quantitative analysis of decision making under uncertainty. Throughout the book numerous real-world exploration examples are given to illustrate how the decision analysis methods can be applied. This three part series is a dialogue between various executives trying to decide whether to drill an exploratory well on newly leased acreage. The book contains references for further reading, a glossary of exploration and leasing terms, a conversion table from units used in the U.S. to the metric system, and nine appendix sections on special topics and tables of use in prospect analysis.
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We might also be able to help the university obtain decision analysis software. Contact John Schuyler for information. During two later educational leaves of absence he completed his MS and Doctorate degrees in Petroleum Engineering from the University of Oklahoma. In 1968 he developed a two-week short course on petroleum exploration economics and risk analysis. The course was based, in part, on his Doctoral research on decision theory and earlier industry work experience.