How much mitigation is too much? Find the answer with Value of Information Distribution
A Workshop by Tony Kenck , Mike Benefiel and Brian Putt
About this Workshop
Gathering information costs money and might delay a project start up. Decision Executives (DE) want to reduce the risk but not at a cost and delay.
The DE and DRB will be asking probing questions that will explore ways that might reduce risk and improve the economics by understanding where the value is derived by examining the Distribution of the Value of Information.
The outcome of this unrehearsed dialogue is uncertain.
The analyst must describe and demonstrate the benefit of the information and what might be done to improve the activity with further study using sensitivity analysis.
The analyst hopes discussion and sensitivity analysis will result in a better-informed decision by DE whether to collect the information.
About The Speakers
Tony Kenck
Tony Kenck formed Practical Portfolio Management LLC in 2020 after a long career with Chevron and Texaco. He started his career as an earth scientist (Colorado School of Mines, BSc. Geophysical Engineering, '79) and found himself continually drawn to decision and risk analysis.
Mike Benefiel
Mike is the co-developer of the innovative Minimum Functional Objectives (MFO) approach to DA/DQ. MFO has been adopted as Chevron’s primary approach to DA/DQ. One of the key aspects of MFO is developing a quality frame by clarifying essential objectives of the opportunity or problem.