COURSE OVERVIEW

 

This practical and highly-interactive course includes real-life case studies and exercises where participants will be engaged in a series of interactive small groups and class workshops. 

 

This course contains detailed techniques for data analysis, experimental design and economic analysis using statistical and probability methodology.  Topics included are: design vs. analysis; prior knowledge and Bayes’ theorem; data fitting; comparing data; regression analysis; empirical and mechanistic modeling; probability and its application to petroleum economics; expected values; risk and uncertainty; understanding confidence limits.  This course has been successfully presented       in-house for Mobil, ARCO,  and Chevron. 

 

The purposes of this course are to give you a working vocabulary such that you will be able to converse easily with people who are experts in the areas of statistics and probability and will be able to read and comprehend most textbooks and well-written  journal articles. The course will give you the ability to recognize what category a particular problem falls into thereby narrowing the number of possible techniques which might apply. It will provide you with a good working knowledge of several of the more common techniques which should cover a high percentage of the types of problems you are likely to run into. 

This course is designed to give you enough background and theoretical knowledge to recognize when a technique is applicable and when assumptions from which the technique was derived have been so grossly violated and that will lead to incorrect conclusions. It will give you a feel for what to do when your particular problem has violated major assumptions but you need an answer anyway. It will provide you with a manual containing enough worked out examples to serve as a useful future reference and will provide you with a reasonable reference guide so that you will be able to find more detailed information on the techniques we have introduced. The course will leave you with a comfortable feeling about the use of statistical and probability techniques.