Value of Information Online Course

This unique, flagship course provides foundational knowledge, practical application, and tools to help teams value information that has the potential to reduce uncertainty and make more optimal decisions on their projects. The primary goal of the workshop is to build true value-of-information (VOI) practitioner skills. Using Decision Frameworks state-of-the-art VOI workflow, tool suite, and comprehensive case library, attendees learn to 1) frame information decisions, 2) perform expert interviews on key project uncertainties and the accuracy of information options, and 3) determine the value of uncertainty reduction on the project decisions impacted.

What’s Covered

• Developing skill and understanding of the Value of Information (VOI) workflow and practical application

• Framing and valuing information which may change both “go / no go” asset decisions, as well as “how to go,” or optimization, asset decisions

• Expert interviews on critical variables: project risk and uncertainties, and reliability of interpretation assessments for different information being considered

• Understanding how to develop uncertainty reduction plots to compare different information options

What’s Provided

• A practical VOI workflow to guide teams through the VOI problem frame and decision tree set-up, assessment of key uncertainties, initial valuation, sensitivities, and targeted insights

• DTrio® VOI software, with VOI templates, and TreeTop® decision tree software, facilitates the framing, problem characterization, and valuation of essentially all information decision problems. Software capabilities range from standard VOI problem decision analysis to risk factor VOI and project concept decisions

• An extensive VOI case library of over 20 VOI cases provides relevant practice and reference both during and following the workshop. Cases range from technology pilots and tests, seismic and wells, pharmaceutical trials, and exploration/appraisal planning information decision problems

• There is the option for real VOI problems brought to class to be the focus during one or more of the training sessions, based on attendee preference. Real-life application of the workflow and software solidifies understanding and builds lasting skills

Online Course Outline (four, 5-hour modules)

Days 1 & 2 – VOI Fundamentals

• Introduction to framing, and valuing information that affects go/no-go project decisions

• Practice with up to four relevant, pre-defined cases (examples: tests, technology demonstrations, seismic, wells, field samples, R&D trials, etc.)

Day 3 - Optimization VOI

• Valuing information that has the potential to reduce uncertainties that impact not only go/no-go project decisions but also how-to-go project decisions (examples: pilots, wells, field demos, extended tests for final project optimization)

• Uncertainty assessment and reliability of information expert interviewing techniques

• Work two-three relevant pre-defined VOI cases and attendee real problems

Day 4 - Risk Factor VOI

• Nuances of exploration, early R&D, and or technology trial design VOI (examples: information to understand geologic, pharmaceutical, and or technology risk factors to drill prospects or advance projects to the next R&D phase)

• Uncertainty reduction and confidence plots

• Work two to three relevant pre-defined VOI cases and attendee real problems

• VOI workflows to guide teams through the VOI problem frame, set-up, key variable assessment, initial valuation, sensitivities, and targeted insights