A great extension of Dr. Murtha's highly successful seminars on the use of @RISK in the petroleum industry. You start with 2 chapters to get up to speed on the philosophy of risk analysis and the requisite principles in probability, statistics, and Monte Carlo simulation. Following are the basic steps you’d take to actually build, run, and interpret results for a real risk analysis model in @RISK. To make it as hands-on as possible, Dr. Murtha includes lots of petroleum examples - an accompanying CD includes all these examples pre-built in Excel worksheets. Volumetric reserves, exponential decline, porosity and water saturation, waterflood prospect, and competitive bidding are some of the examples. This is a rare offering in that you'll learn about the concepts of risk analysis while also getting some very solid hands-on experience with risk analysis modelling in @RISK 4.0. A trial version of @RISK 4.0 is also included!
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Book Description
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About the Author
Dr. James Murtha has a Ph.D. in mathematics from the University of Wisconsin, and a Masters degree in petroleum and natural gas engineering from Penn State. He taught mathematics and petroleum engineering for 25 years and worked for or consulted extensively with Texaco, Chevron, Marathon, and S A Holditch & Associates. He has written papers and articles on Monte Carlo simulation, reservoir engineering, and spreadsheet applications, in addition to co-authoring two text books in mathematics. Now an independent consultant, Dr. Murtha is a registered petroleum engineer who presents seminars, teaches intensive training courses, and advises clients in risk analysis and other forms of decision making.
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Most Helpful Customer Reviews
7 of 8 people found the following review helpful:
2.0 out of 5 stars
Of Uncertain value?,
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This review is from: Decisions Involving Uncertainty : An @RISK Tutorial for the Petroleum Industry (Paperback)
This is essentially a a very expensive pamphlet with a copy ofthe @Risk software on trial. As one who bought the "book" because of its subject matter and its author I feel roundly cheated. The pamphlet itself has some introduction to the subject but essentially this is nothing more than an attempt to distribute some trial software at cost.I suspect the audience for this pamphlet already know of @risk and its competitors. Equally they will probabaly have this or a competitor software already. I do appreciate the quality of @Risk - but this seems a "cheap" way of earning some extra revenue without really extending the user base.
1 of 1 people found the following review helpful:
1.0 out of 5 stars
Buyer Be Ware!!!,
Amazon Verified Purchase(What's this?)
This review is from: Decisions Involving Uncertainty : An @RISK Tutorial for the Petroleum Industry (Paperback)
Bought this package for my project management class. Found out it is only a two week trial software. If you are a student buying this for your class go to the Palisade website. You get a one year license for the same price. DO NOT WASTE YOUR MONEY.
0 of 1 people found the following review helpful:
5.0 out of 5 stars
Great book,
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This review is from: Decisions Involving Uncertainty : An @RISK Tutorial for the Petroleum Industry (Paperback)
Great book for introductory risk management in the oil & gas field.If you are looking for an advanced oil&gas text search for another; case you are looking for risk analysis and its applicability, this is the book...
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Inside This Book
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First Sentence:
This book concentrates on Monte Carlo simulation, a tool used in risk analysis or decision making under uncertainty. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
cross plot, triangular distributions, simulation settings, water saturation, summary graph, current graph, chance node, decline curve, net pay, stuck pipe, production forecast, output cells, porosity values, simulated distribution Key Phrases - Capitalized Phrases (CAPs): (learn more)
Monte Carlo, Define Distribution, Add Output, Latin Hypercube, Active Graph, Oil Gros New!
Books on Related Topics | Concordance | Text Stats Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
This book concentrates on Monte Carlo simulation, a tool used in risk analysis or decision making under uncertainty. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
cross plot, triangular distributions, simulation settings, water saturation, summary graph, current graph, chance node, decline curve, net pay, stuck pipe, production forecast, output cells, porosity values, simulated distribution Key Phrases - Capitalized Phrases (CAPs): (learn more)
Monte Carlo, Define Distribution, Add Output, Latin Hypercube, Active Graph, Oil Gros New!
Books on Related Topics | Concordance | Text Stats Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
Citations (learn more)
This book cites 6
books:
See all 6 books this book cites
- Decision Analysis for Petroleum Exploration, Second Edition by Paul D. Newendorp and John R. Schuyler in Back Matter
- Oil and Gas: The Production Story (Oil and Gas Production Series) by Ron Baker in Back Matter
- An Introduction to Risk Analysis by Robert E. Megill in Back Matter
- Use and Abuse of Statistical Methods in the Earth Sciences (International Association for Mathematical Geology Studies in Mathematical Geology) by William B. Size in Back Matter
- Petroleum Evaluation and Economic Decisions by Ronald E. Terry on page 129
See all 6 books this book cites
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