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200 10$aValue of information and flexibility $emaking decisions under uncertainties /$fGbenga F. Oluyemi and Martin J. Vilela
210  1$aCham, Switzerland :$cSpringer,$d[2022]
210  4$d©2022
215   $a1 online resource (295 pages)
225 1 $aPetroleum Engineering 
311   $a3-030-86988-1 
327   $aIntro -- Preface -- Contents -- List of Figures -- List of Tables -- 1 Decision-Making: Concepts, Principles, and Uncertainty -- 1.1 Introduction to Decisions -- 1.2 Overview of Decision Analysis -- 1.3 Uncertainty, Risk, Vagueness -- 1.4 Review of Methods for Decision-Making -- 1.5 Summary -- References -- 2 Utility Theory -- 2.1 Introduction to Utility Theory -- 2.2 Historical Development of the Utility Theory Concept -- 2.3 Risk Attitude -- 2.4 Positive Affine Transformation -- 2.5 Certainty Equivalent -- 2.6 Formulation of Utility Theory -- 2.7 Utility Theory: Decision Making Under Risk -- 2.8 Utility Theory: Decision Making Under Uncertainty -- 2.9 Bayesianism -- 2.10 Violation of Savage's Theory and Prospect Theory -- 2.11 Summary -- References -- 3 Probability and Inference Theory -- 3.1 Introduction to Probability -- 3.2 Operations with Probability -- 3.3 Population, Sample, Random Variables -- 3.4 Formulation of the Bayes Theorem and Its Meaning-The Value of Information -- 3.5 Sampling. Central Limit Theorem -- 3.6 Additional Probability Distributions -- 3.7 Statistical Inference -- 3.8 Summary -- Reference -- 4 Probabilistic Evaluation of Uncertainties: Monte Carlo Method -- 4.1 Introduction to Monte Carlo Simulation -- 4.2 Simple Monte Carlo Applications -- 4.3 Number of Monte Carlo Simulations -- 4.4 Monte Carlo Method Workflow -- 4.5 Another Sampling Technique: Latin Hypercube Sampling -- 4.6 Advantages and Disadvantages of Monte Carlo Simulation -- 4.7 Scope of Monte Carlo Simulation Applications -- 4.8 Summary -- References -- 5 Assessing the Importance of the Uncertainties: Design of Experiments -- 5.1 Introduction to Experimental Design -- 5.2 Background of Design of Experiments -- 5.3 Design of Experiments Methodology -- 5.4 One-Variable-At-a-Time Design -- 5.5 Randomised Complete Block Design.
327   $a5.6 Design of Experiments Workflow -- 5.7 Full Factorial Design -- 5.8 Summary -- References -- 6 Fuzzy Logic -- 6.1 Introduction to Fuzzy Logic -- 6.2 Classical Set Theory -- 6.3 Fuzzy Set Theory -- 6.4 Linguistic Variables -- 6.5 Membership Functions -- 6.6 Fuzzification Process -- 6.7 Defuzzification Process -- 6.8 Fuzzy Rules -- 6.9 Fuzzy Inference Systems -- 6.10 Fuzzy Applications -- 6.11 Summary -- Appendix -- References -- 7 Uncertainty, Data Acquisition and Value of Information Assessment -- 7.1 Introduction to the Value of Information -- 7.2 The Meaning of the Value of Information -- 7.3 The Formalism of the Value of Information -- 7.4 Value of Information -- 7.5 Value of Perfect Information -- 7.6 Value of Imperfect Information -- 7.7 Value of Fuzzy Information -- 7.8 Value of Information Applications in the Oil and Gas Industry -- 7.9 Sequential Data Acquisition -- 7.10 Summary -- References -- 8 The Value of Flexibility-Real Options -- 8.1 Introduction to the Value of Flexibility -- 8.2 A Brief Explanation of Valuation -- 8.3 Applying Real Options to Real Problems -- 8.4 Real Case Applications of Real Options-Flexibility -- 8.5 The Engineering Approach to Real Options Valuation -- 8.6 An Example of Flexibility in the Oil and Gas Industry -- 8.7 Summary -- References -- 9 Case Studies for the Value of Information and Flexibility in the Oil and Gas Industry -- 9.1 Examples of the Value of Information -- 9.2 Examples of the Value of Flexibility -- 9.3 Examples of the Value of Information with Statistical Analysis -- 9.4 Fuzzy Data Acquisition -- References.
410  0$aPetroleum Engineering 
606   $aUncertainty (Information theory)
606   $aDecision making
615  0$aUncertainty (Information theory)
615  0$aDecision making.
676   $a658.403
700   $aOluyemi$b Gbenga F.$01077177
702   $aVilela$b Martin J.
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996   $aValue of Information and Flexibility$92588557
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