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Improve the quality of your project decisions by employing a disciplined approach to decision-making that takes risk into consideration. In this online course, you’ll learn how to avoid “gut-feel” decisions and maximize the value of your decisions throughout the lifecycle of a project.
Take this online course and learn how to choose from different decision-making methods that will help you make the right investment choices for your company. The course begins with a brief summary of the time value of money, present value and profitability indices and how to turn them into key economic parameters. You’ll examine how to utilize decision-making methodology with different types of projects.
You’ll learn how to:
- Choose from mutually exclusive projects
- Build multi-project portfolios
- Assess tolling options versus direct manufacturing
- Select research and development projects
- Handle licensing and royalty issues
- Manage joint ventures
- Acquire assets and companies
You can expect to explore a range of risk analysis, from the simplest use of sensitivity analysis to the use of the more complex Monte Carlo simulation approach. Throughout the course, practical exercises and problems will bring the concepts you learn to life.
After taking this course, you’ll be able to:
- Describe a disciplined approach to decision making
- Rank projects within certain constraints
- Interpret the role of probability in the decision process
- Calculate various economic parameters, including NPV
- Identify tools and resources to assist in decision making
Any engineer involved in project development, evaluation and decision-making in the chemical, petrochemical, petroleum and other manufacturing environments—including:
- Those new to engineering
- Engineers in managerial positions
- Operating plant personnel
- Professionals in corporate and R&D
Module 1 – Decision Analysis
- Introduction
- What is a decision?
- What is decision analysis?
- Basic Approach in Decision Making
- Mutually exclusive projects
- Portfolio Selection
- Build capacity to produce a needed product or contract with a third party
- Research and Development
- Licensing and Royalties
- Mergers / Asset Purchases
- Conclusions
Module 2 – Risk Analysis
- Overview of concept of uncertainty
- Sources of Uncertainty
- Defining the Base Case
- Key Project Parameters
- Levels of Risk Assessment
- Sensitivity Analysis
- Scenario Analysis
- Probabilistic Risk Assessment
- Probabilistic Risk Summary
- Summary
Module 3 - Additional Problem Solving
- Review of concepts from Module 1 and 2
- Problem 1 – Portfolio selection
- Problem 2 - Expansion of existing plant or New Facility
- Course wrap-up
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